Interim Resolution Professional Can Take Possession of Assets Owned by Corporate Debtor: NCLAT

Interim Resolution Professional Can Take Possession of Assets Owned by Corporate Debtor: NCLAT The National Company Law Appellate Tribunal (NCLAT) has clarified that an Interim Resolution Professional (IRP) has the authority to take possession of all assets owned by the corporate debtor, including those not directly managed by the company. This ruling strengthens the powers of the IRP in insolvency proceedings, ensuring that all assets of the defaulting company are brought under their control for effective resolution. The decision is crucial for the smooth functioning of the Corporate Insolvency Resolution Process (CIRP) under the IBC.