What are the duties of an "Interim Resolution Professional" ?

The Interim Resolution Professional (IRP) takes over the management of the corporate debtor and is in charge of day-to-day affairs of the corporate debtor. The powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the IRP. He may appoint professionals and consultants to support him in his duties. The IRP is responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor. The primary duties of the IRP are to: (a) Make public announcement about the CIRP of the corporate debtor (b) Invite claims from creditors (c) Get valuation of the corporate debtor done On receipt of claims from the creditors, the IRP shall verify the claims and make list of accepted claims. Within 30 days of commencement of CIRP, the IRP shall constitute a Committee of Creditors (COC) which primarily consists of all financial creditors of the corporate debtor. The IRP shall make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern.