IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of the debtor. After formation of creditor committee role of RP gets widened as RP has to co-ordinate a meeting of CoC and discharge responsibilities for the entity beside controlling its assets.
RP is also responsible for providing information to CoC/prospective resolution applicant for inviting and collecting proposals. RP has the power to appoint resources that may be requi…
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