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Section 16: Appointment and tenure of interim resolution professional.

The Insolvency and Bankruptcy Code, 2016.Central Act · Act 31 of 2016

(1) The Adjudicating Authority shall appoint an interim resolution professional [on the insolvency commencement date].

(2) Where the application for corporate insolvency resolution process is made by a financial creditor or the corporate debtor, as the case may be, the resolution professional, as proposed respectively in the application under section 7 or section 10, 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.

(4) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3), 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 [shall continue till the date of appointment of the resolution professional under section 22].

Where this provision sits

ActThe Insolvency and Bankruptcy Code, 2016.
Section16
Marginal noteAppointment and tenure of interim resolution professional.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it9

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 1 of 2020. . Subs. by Act 1 of 2020, s. 6, for "within fourteen days from the insolvency commencement date" (w.e.f. 28-12-2019).
  • substituted, Act 26 of 2018. . 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).

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