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) Where the application for corporate insolvency resolution process is made by a financial creditor
or the corporate debtor, as the case may be, the resolution professional, as proposed respectively in the
application under section 7 or section 10, 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) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority
under sub-section (3), 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].
Notes:
1. Subs. by Act 1 of 2020, s. 6, for "within fourteen days from the insolvency commencement date" (w.e.f. 28-12-2019).
2. Subs. by Act 26 of 2018, s. 12, for "shall not exceed thirty days from date of his appointment" (w.e.f. 6-6-2018).