(1) The Adjudicating Authority shall appoint an interim resolution professional 1[on the insolvency commencement date].
2[(2) Where the application for corporate insolvency resolution process is made by a financial creditor, the resolution professional, as proposed in the application under section 7, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him.]
(3) Where the application for corporate insolvency resolution process is made by an operational creditor and—
(a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional;
(b) a proposal for an interim resolution professional is made under sub-section (4) of section 9, the resolution professional as proposed, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him.
3[(3A) Where an application for the corporate insolvency resolution process is made under section 10, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional.]
(4) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3) 3[or sub-section (3A), as the case may be,] recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending.
(5) The term of the interim resolution professional 4[shall continue till the date of appointment of the resolution professional under section 22].
Footnotes in the official text
- 1.Subs. by Act 1 of 2020, s. 6, for “within fourteen days from the insolvency commencement date” (w.e.f. 28-12-2019).
- 2.Subs. by Act 6 of 2026 s. 10, for sub-section (2) (w.e.f. 26-5-2026).
- 3.Ins. by s.10, ibid. (w.e.f. 26-5-2026).
- 4.Subs. by Act 26 of 2018, s. 12, for “shall not exceed thirty days from date of his appointment” (w.e.f. 6-6-2018).