Interim Resolution Professional / Resolution Professional Services

When the National Company Law Tribunal admits an application for Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, an Interim Resolution Professional (IRP) is appointed to immediately take charge of the corporate debtor and is typically confirmed or replaced by a Resolution Professional (RP) once the Committee of Creditors (CoC) is constituted. This role sits at the centre of the entire resolution process, since the IRP/RP effectively steps into the shoes of the board of directors, manages day-to-day operations, and drives the process toward a viable resolution plan within tight statutory timelines. Creditors, promoters, employees, and other stakeholders are all directly affected by the quality and independence of this appointment, making the choice of a competent, IBBI-registered professional a critical decision at the outset of any insolvency case.

Why This Matters

The IRP/RP is legally responsible for preserving the corporate debtor as a going concern, protecting its assets, and running a fair, transparent resolution process, all within timelines that leave little room for delay or error. A poorly managed appointment can result in erosion of asset value, disputes among creditors, avoidable litigation before the tribunal, or even liquidation of an otherwise viable business. Given the personal accountability the role carries under IBC and the regulations issued by the Insolvency and Bankruptcy Board of India (IBBI), engaging an experienced professional materially reduces execution risk for every stakeholder in the process.

How We Help

Taking Over Management and Operational Control

We assist in the orderly transition of control from the erstwhile board to the IRP, including collection of records, bank accounts, statutory registers, and key contracts, while ensuring the corporate debtor continues to operate as a going concern during the moratorium period.

Constituting and Running the Committee of Creditors

We support the verification of claims to determine CoC composition, convene and conduct CoC meetings in line with IBC timelines, and ensure voting, minutes, and disclosures meet the procedural standards expected by the tribunal and the regulator.

Inviting and Evaluating Resolution Plans

We help design the request for resolution plans, manage the data room and information memorandum, coordinate due diligence access for prospective resolution applicants, and support the CoC in evaluating plans on commercial, legal, and feasibility parameters before submission for approval.

Regulatory and Tribunal Compliance

We keep the process aligned with IBBI regulations and CIRP timelines, prepare the periodic reports, applications, and disclosures required to be filed with the tribunal, and coordinate responses to queries or objections raised during the process.

Who Needs This

• Financial creditors and operational creditors initiating or participating in a CIRP
• Corporate debtors undergoing insolvency proceedings
• Prospective resolution applicants seeking a well-run, transparent process
• Committee of Creditors members seeking professional support in decision-making

Our Approach

Our approach combines disciplined process management with commercial judgment, recognising that every corporate debtor's operations, creditor mix, and asset profile are different. We prioritise early stabilisation of the business, transparent communication with the Committee of Creditors, and proactive engagement with the tribunal to avoid procedural delays, while always keeping the statutory objective of value maximisation for all stakeholders at the centre of our work.

Get in Touch

To discuss how we can support you with IRP/RP services, write to us at info@agarwalurs.com.