New SIDBI Grade A New Batch Starts on Nov 18

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    Question

    The Insolvency and Bankruptcy Code, 2016 provides the duties of an interim resolution professional as________________

    A Constitute the Committee of Creditors Correct Answer Incorrect Answer
    B Receive and collate all the claims submitted by creditors to him Correct Answer Incorrect Answer
    C Collection of all the information relating to the assets, finances and operations of the corporate debtor Correct Answer Incorrect Answer
    D Monitor the assets of the corporate debtor and manage its operations until the conclusion of the corporate insolvency resolution process Correct Answer Incorrect Answer
    E All a, b & c Correct Answer Incorrect Answer

    Solution

    As per section 18 of the IBC Code- Duties of interim resolution professional- (a) collect all information relating to the assets, finances and operations of the corporate debtor, (b) receive and collate all the claims submitted by creditors to him, (c) constitute a committee of creditors; (d) monitor the assets of the corporate debtor and manage its operations until a resolution professional is appointed by the committee of creditors; (e) file information collected with the information utility, if necessary; and (f) 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, (g) to perform such other duties as may be specified by the Board

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