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

Under Section 23(2), which statement about the resolution professional's powers and duties is correct?

The resolution professional exercises the powers and performs the duties that the Chapter vests in the interim resolution professional. This follows directly from the statute and does not need a separate resolution of the committee of creditors.

  1. AHe has only those powers expressly listed in section 23, and none of the interim resolution professional's
  2. BHe exercises the powers and performs the duties vested or conferred on the interim resolution professional under the same ChapterCorrect
  3. CHe acquires the interim professional's powers only after the committee of creditors passes a resolution
  4. DHe is barred from the interim professional's powers once the CIRP period starts

Explanation

Section 23(2) directly provides that the resolution professional exercises the powers and performs the duties vested in or conferred on the interim resolution professional under the Chapter. No committee resolution is needed for this, and the powers are not restricted to those listed in section 23.

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