CS Professional · Corporate Restructuring, Valuation and Insolvency · Resolution Strategies

Under Section 23(2), which description best captures the relationship between the powers and duties of a resolution professional and those of an interim resolution professional in a CIRP?

The resolution professional steps into the interim resolution professional's role. Section 23(2) says the resolution professional shall exercise the powers and perform the duties vested or conferred on the interim resolution professional under the Chapter, in addition to conducting the entire process under Section 23(1).

1. AThe resolution professional has only advisory functions, while the interim professional has executive powers
2. BThe resolution professional exercises the powers and performs the duties vested or conferred on the interim resolution professional under that ChapterCorrect
3. CThe resolution professional may exercise interim professional's powers only with the Adjudicating Authority's prior permission for each act
4. DThe resolution professional has no powers over the corporate debtor's operations until the plan is approved