Interim Resolution Professional (IRP)

IBC, 2016 — Section 16

The insolvency professional appointed by the NCLT when it admits a CIRP petition under the IBC. The IRP serves during the initial 30-day period before the Committee of Creditors appoints a Resolution Professional. The IRP takes over management of the corporate debtor and calls for claims from all creditors.

In practice, the IRP is the first person on the ground once the NCLT admits a CIRP petition under Section 16 of the IBC, 2016, and the early weeks they control often decide a creditor's outcome. The IRP takes over management of the corporate debtor and issues a public announcement calling for claims, so a creditor's immediate task is to file its claim in the correct form, with supporting documents, within the stated window — a missed or under-documented claim can shrink a creditor's place in the eventual distribution. The IRP also collates claims and constitutes the Committee of Creditors, which is when financial creditors' voting share is fixed; an incorrectly admitted or rejected claim therefore affects who controls the resolution. Disputes over claim admission and the verification done in this 30-day phase are common flashpoints. Creditors file complete, proof-backed claims promptly so the IRP admits them at full value.