In Corporate Insolvency Resolution Process (CIRP) the management of Corporate Debtors vests with the Resolution Professional whereas in case of Pre-packaged Insolvency Resolution Process (PPIRP) it vests with the Corpora

Management of affairs of corporate debtor by Interim Resolution Professional (in case of CIRP): Section 17(1)(a) of the Insolvency and Bankruptcy Code, 2016 provides that from the date of appointment of the interim resolution professional the management of the affairs of the corporate debtor shall vest in the interim resolution professional. Section 23 of the Code provides for Resolution professional to conduct corporate insolvency resolution process. Subject to section 27(1), the resolution professional shall conduct the entire corporate insolvency resolution process and manage the operations of the corporate debtor during the corporate insolvency resolution process period: Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority. Management of affairs of corporate debtor (in case of PPIRP): Section 54H of the Insolvency and Bankruptcy Code, 2016 provides that during the pre-packaged insolvency resolution process period, the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to such conditions as may be specified; the Board of Directors or the partners, as the case may be, of the corporate debtor, shall make every endeavour to protect and preserve the value of the property of the corporate debtor, and manage its operations as a going concern; and the promoters, members, personnel and partners, as the case may be, of the corporate debtor, shall exercise and discharge their contractual or statutory rights and obligations in relation to the corporate debtor, subject to the provisions of Chapter III and such other conditions and restrictions as may be prescribed. Vesting management of corporate debtor with resolution professional in PPIRP: Section 54J of the Insolvency and Bankruptcy Code, 2016 provides that - (1) Where the committee of creditors, at any time during the pre-packaged insolvency resolution process period, by a vote of not less than sixty-six per cent. of the voting shares, resolves to vest the management of the corporate debtor with the resolution professional, the resolution professional shall make an application for this purpose to the Adjudicating Authority, in such form and manner as may be specified. (2) On an application made under sub-section (1), if the Adjudicating Authority is of the opinion that during the pre-packaged insolvency resolution process- the affairs of the corporate debtor have been conducted in a fraudulent manner; or there has been gross mismanagement of the affairs of the corporate debtor, it shall pass an order vesting the management of the corporate debtor with the resolution professional. (3) Notwithstanding anything to the contrary contained in Chapter III, the provisions of- sub-sections (2) and (2A) of section 14; section 17; clauses (e) to (g) of section 18; sections 19 and 20; sub-section (1) of section 25; clauses (a) to (c) and clause (k) of sub-section (2) of section 25; and section 28, shall, mutatis mutandis apply, to the proceedings under this Chapter, from the date of the order under sub-section (2), until the pre-packaged insolvency resolution process period comes to an end.