16. (1) The Adjudicating Authority shall appoint an interim resolution
professional within fourteen days from 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 shall not exceed thirty
days from date of his appointment.