The Insolvency and Bankruptcy Code, 2016 (Code for short) provides the procedure for the conducting of corporate insolvency resolution process (CIRP for short) that may be filed by the financial creditor or operational creditor against the corporate debtor. The Code provides that the Adjudicating Authority shall appoint the Interim Resolution Professional under Section 16 of the Code. The resolution professional shall be proposed by the Financial Creditors. The operational creditor as well as corporate debtor may propose or may not propose the interim resolution professional. In such a situation the Adjudicating Authority may direct the Insolvency and Bankruptcy Board (IBBI for short) to nominate a person for this purpose. After get…
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