The Insolvency and Bankruptcy Code appoints insolvency professionals to manage distressed companies. Two important roles are the Interim Resolution Professional (IRP) and Resolution Professional (RP).
What Is an Interim Resolution Professional (IRP)?
The IRP is appointed by NCLT at the initiation of CIRP.
Key Functions of IRP
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Take control of corporate debtor
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Collect and verify claims
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Constitute Committee of Creditors
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Manage affairs as going concern
What Is a Resolution Professional (RP)?
The RP is appointed by the Committee of Creditors to replace or continue the IRP.
Key Functions of RP
Key Differences Between IRP and RP
| Aspect | IRP | RP |
|---|---|---|
| Appointment | By NCLT | By CoC |
| Tenure | Initial phase | Entire CIRP |
| Role | Temporary | Comprehensive |
| Authority | Limited | Wider powers |
Why This Difference Matters
Understanding this distinction helps creditors, homebuyers, and stakeholders assert their rights effectively during insolvency proceedings.
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