17-Jan-2023 12:05 PM
Pls explain the point of interim finance for irpro
Interim finance is defined as financial debt raised by Interim Resolution Professional/Resolution professionals, as the case may be, during Corporate Insolvency resolution processes according to the provisions of the Insolvency and Bankruptcy Code, 2016. The funds allow the insolvent company to remain operational and/or to meet the CIRP costs while undergoing the Corporate Insolvency Resolution Process (CIRP). Interim finance can be raised with the approval of COC and it has been included in the Insolvency Resolution Process Costs which is given priority in payments, both in resolution plan and during settlement of debts in liquidation.
Answer given by Shubhamm Sir at 21-Jan-2023 05:31 PM