Section 25 of Insolvency and Bankruptcy Code 2016
[ Note : Section 25 comes into force w.e.f 1st December 2016 vide notification no S.O. 3594(E) dated 30th November 2016 ].
Duties of resolution professional.
25. (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor.
(2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, namely:—
| (a) | take immediate custody and control of all the assets of the corporate debtor, including the business records of the corporate debtor; | |
| (b) | represent and act on behalf of the corporate debtor with third parties, exercise rights for the benefit of the corporate debtor in judicial, quasi-judicial or arbitration proceedings; | |
| (c) | raise interim finances subject to the approval of the committee of creditors under section 28; | |
| (d) | appoint accountants, legal or other professionals in the manner as specified by Board; | |
| (e) | maintain an updated list of claims; | |
| (f) | convene and attend all meetings of the committee of creditors; | |
| (g) | prepare the information memorandum in accordance with section 29; | |
| (h) | invite prospective lenders, investors, and any other persons to put forward resolution plans; | |
| (i) | present all resolution plans at the meetings of the committee of creditors; | |
| (j) | file application for avoidance of transactions in accordance with Chapter III, if any; and | |
| (k) | such other actions as may be specified by the Board. |