Section 16

60 (1) The Adjudicating Authority shall appoint an interim resolution professional [on the insolvency commencement date]. 61 (2) 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. 56 Subs. by Act No. 1 of 2020, sec.5 (w.e.f. 28-12-2019). Before substitution, it stood as “such transaction as may be notified by the Central Government in consultation with any financial regulator;”. 57 Subs. by Act No. 26 of 2018, sec. 10 (w.e.f. 6-6-2018). Before its substitution, it stood as under: - “(3) The provisions of sub-section (1) shall not apply to such transaction as may be notified by the Central Government in consultation with any financial sector regulator.” 58 Ins. by Act No. 1 of 2020, sec.5 (w.e.f. 28-12-2019). 59 Subs. by Act No. 26 of 2018, sec. 11 for the word “claims” (w.e.f. 6-6-2018). 60 Sub-section (2) substituted, sub-section (3A) inserted, and sub-section (4) amended by Act No. 6 of 2026, sec. 10 (w.e.f. 26-05-2026). 61 Subs. 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”.

(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) 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 [shall continue till the date of appointment of the resolution professional under section 22]. 62