Adjudicating Authority appoints Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code-Enumerate his role, powers and duties.

Role and Powers of Interim Resolution Professional Section 17(1) 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; 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 interim resolution professional; the officers and managers of the corporate debtor shall report to the interim resolution professional and provide access to such documents and records of the corporate debtor as may be required by the interim resolution professional; the financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional. Section 17(2) of the Code further provides that the interim resolution professional vested with the management of the corporate debtor, shall act and execute in the name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any; take such actions, in the manner and subject to such restrictions, as may be specified by the Board; have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor; have the authority to access the books of accounts, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as may be specified; and be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor. Duties of Interim Resolution Professional Section 18 of the Code provides that the person appointed as the Interim Resolution Professional shall perform the following duties: collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to, business operations for the previous two years; financial and operational payments for the previous two years; list of assets and liabilities as on the initiation date; and such other matters as may be specified. receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15 of the Code; constitute a committee of creditors; monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors; file information collected with the information utility, if necessary; and take control and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corporate debtor, or with information utility or the depository of securities or any other registry that records the ownership of assets including, assets over which the corporate debtor has ownership rights which may be located in a foreign country; assets that may or may not be in possession of the corporate debtor; tangible assets, whether movable or immovable; intangible assets including intellectual property; securities including shares held in any subsidiary of the corporate debtor, financial instruments, insurance policies; assets subject to the determination of ownership by a court or authority; to perform such other duties as may be specified by the Board.