the National Company Law Board against a company and NCLT approves the plea, an IRP is appointed to find a resolution within a stipulated period." width="655" height="368" />the National Company Law Board against a company and NCLT approves the plea, an IRP is appointed to find a resolution within a stipulated period." width="655" height="368" />
An insolvency resolution professional (IRP) is a person who is enrolled with an insolvency professional agency (IPA) as a member and registered with the Insolvency and Bankruptcy Board of India (IBBI), according to the Insolvency and Bankruptcy Code (IBC), 2016.
Once a case is filed with the National Company Law Board against a company and NCLT approves the plea, an IRP is appointed to find a resolution within a stipulated period.
The IRP has the power to take charge of the company which has defaulted. The professional’s task is to take necessary steps to revive the company. The IRP can also raise fresh funds to continue the operations of a company. If the professional fails to find a resolution, the company in question is liquidated to pay the creditors.
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