As per section 25(2) of the Insolvency and Bankruptcy Code, 2016, the Resolution Professional shall undertake actions in order to preserve and protect the assets of the corporate debtor. Briefly explain the duties of the

Section 25 of the Insolvency and Bankruptcy Code, 2016 sets out the duties of resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor and lays down the functions he may perform for the same. [ Section 25(1) ] Section 25(2) of the Code provides that for the purposes of sub-section (1) of section 25, the resolution professional shall undertake the following actions, namely: (a) take immediate custody and control of all the assets of the corporate debtor, including the business records of the corporate debtor; (b) represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings, (c) raise interim finances subject to the approval of the committee of creditors under section 28 of the Code , (d) appoint accountants, legal or other professionals in the manner as specified by Board, (e) maintain an updated list of claims, (f) convene and attend all meetings of the committee of creditors, (g) prepare the information memorandum in accordance with section 29 of the Code , (h) invite prospective resolution applicants, who fulfil such criteria as may be laid down by him with the approval of committee of creditors, having regard to the complexity and scale of operations of the business of the corporate debtor and such other conditions as may be specified by the Board, to submit a resolution plan or plans. (i) present all resolution plans at the meetings of the committee of creditors, (j) file application for avoidance of transactions in accordance with Chapter III, if any, and (k) such other actions as may be specified by the Board.