Section 18 of IBC : Section 18: Duties Of Interim Resolution Professional

Explanation using Example

Imagine a company, ABC Corp, which has been facing financial difficulties and is unable to repay its debts. The creditors of ABC Corp file an application for initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Once the application is accepted, an Interim Resolution Professional (IRP) is appointed.

The IRP begins his duties as per Section 18:

• He collects all necessary information about ABC Corp's assets, financials, and operations to understand its financial position, including details of business operations and financial transactions from the past two years.
• He makes a public announcement asking the creditors of ABC Corp to submit their claims....

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