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Interim Resolution Professional (IRP)
An Interim Resolution Professional (IRP) plays a critical role in the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016. The IRP is appointed to take control of the corporate debtor's management, protect assets, verify claims, and manage the insolvency process during the initial stage.
The role requires strong knowledge of insolvency law, financial analysis, stakeholder coordination, statutory timelines, creditor communication, and regulatory compliance. Proper management by the IRP helps maintain business continuity and protects the interests of creditors and stakeholders.
We provide professional support for Interim Resolution Professional assignments, assisting with claim verification, public announcements, creditor coordination, compliance filings, asset protection, and smooth conduct of the insolvency resolution process.
Our Interim Resolution Professional Services
IRP Appointment Support
Support in handling responsibilities after appointment as Interim Resolution Professional under the IBC framework.
Public Announcement
Assistance with public announcements, creditor communication, and invitation of claims as required under IBC regulations.
Claim Verification
Verification of claims submitted by financial creditors, operational creditors, employees, and other stakeholders.
Committee of Creditors Formation
Support in preparing creditor lists, determining voting shares, and forming the Committee of Creditors.
Asset & Records Control
Assistance in taking control of corporate debtor records, assets, books of accounts, and statutory information.
Business Continuity Support
Support in managing operations of the corporate debtor as a going concern during the CIRP period.
Regulatory Compliance
Assistance with IBBI, NCLT, CoC, and statutory filings, reports, notices, and process documentation.
Stakeholder Coordination
Coordination with creditors, management, employees, valuers, legal advisors, and resolution applicants.
Our IRP Support Process
1
Appointment Review
Understanding the NCLT order, corporate debtor profile, timelines, statutory obligations, and immediate action requirements.
2
Public Announcement & Claims
Issuing public announcement, receiving claims, maintaining claim records, and communicating with creditors.
3
Verification & CoC Formation
Verifying creditor claims, preparing admitted claim lists, calculating voting shares, and forming the Committee of Creditors.
4
Operations & Compliance
Supporting business continuity, statutory compliance, asset protection, reporting, and stakeholder communication.
5
Handover or Continuation
Supporting transition to Resolution Professional or continuation as RP based on Committee of Creditors decision.
Why Interim Resolution Professional Support Matters
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Ensures timely compliance with IBC and IBBI requirements
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Supports proper verification and admission of creditor claims
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Helps protect assets and records of the corporate debtor
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Improves coordination between creditors and stakeholders
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Supports smooth formation of Committee of Creditors
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Maintains business continuity during the initial CIRP stage
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Reduces process delays and compliance gaps
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Strengthens transparency during insolvency proceedings
FAQs on Interim Resolution Professional (IRP)
Who is an Interim Resolution Professional?
An Interim Resolution Professional is an insolvency professional appointed by the NCLT at the start of the Corporate Insolvency Resolution Process to manage the corporate debtor, verify claims, protect assets, and conduct the initial insolvency process.
What are the duties of an IRP?
The duties of an IRP include taking control of the corporate debtor's management, making public announcements, collecting and verifying creditor claims, forming the Committee of Creditors, protecting assets, and ensuring compliance with IBC timelines.
When is an IRP appointed?
An IRP is appointed by the NCLT when an application for Corporate Insolvency Resolution Process is admitted under the Insolvency and Bankruptcy Code.
What is the role of an IRP in claim verification?
The IRP receives claims from financial creditors, operational creditors, employees, and other stakeholders, verifies supporting documents, admits eligible claims, and prepares the list of creditors.
Does the IRP manage the company during CIRP?
Yes, after appointment, the management powers of the board are suspended and the IRP manages the affairs of the corporate debtor as a going concern during the initial CIRP period.
What is the Committee of Creditors?
The Committee of Creditors is a committee formed by the IRP consisting mainly of financial creditors. It takes key decisions during the insolvency resolution process, including whether to continue the IRP as Resolution Professional or appoint another RP.
Can the IRP become the Resolution Professional?
Yes, the Committee of Creditors may decide to continue the Interim Resolution Professional as the Resolution Professional, subject to approval and compliance with the Insolvency and Bankruptcy Code.
Manage Insolvency Proceedings with Professional IRP Support
Get expert assistance for IRP assignments, claim verification, CoC formation, IBC compliance, stakeholder coordination, and CIRP process management.
Talk to Our Insolvency Team