Section 16: Appointment and tenure of interim resolution professional. -
(1) The Adjudicating Authority shall appoint an interim resolution professional 1[on the insolvency commencement date.]
(2) 3[Where the application for corporate insolvency resolution process is made by a financial creditor, the resolution professional, as proposed in the application under section 7, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him];.
(3) Where the application for corporate insolvency resolution process is made by an operational creditor and-
(a) no proposal for an interim resolution professional is made, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional;
(b) a proposal for an interim resolution professional is made under sub-section (4) of section 9, the resolution professional as proposed, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him.
4[3A) Where an application for the corporate insolvency resolution process is made under section 10, the Adjudicating Authority shall make a reference to the Board for the recommendation of an insolvency professional who may act as an interim resolution professional]
(4) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (3) 5[or sub-section (3A), as the case may be], recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending.
(5) The term of the interim resolution professional 2[shall continue till the date of appointment of the resolution professional under section 22]
Foot Note:
1Subs. by Act No. 1 of 2020, sec.6 (w.e.f. 28-12-2019). Before substitution, it stood as “within fourteen days from the insolvency commencement date”.
2 Subs. by Act No.26 of 2018, sec. 12, for the words “shall not exceed thirty days from date of his appointment” (w.e.f. 6-6-2018)
3 Subs by the Insolvency and Bankruptcy Code (Amendment) Act, 2026
4 Ins by the Insolvency and Bankruptcy Code (Amendment) Act, 2026
5 Ins by the Insolvency and Bankruptcy Code (Amendment) Act, 2026
4 Ins by the Insolvency and Bankruptcy Code (Amendment) Act, 2026
5 Ins by the Insolvency and Bankruptcy Code (Amendment) Act, 2026