(1) From the date of appointment of the interim resolution professional—

1. the management of affairs of the corporate debtor shall vest in the interim resolution professional;
2. the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional;
3. the officers and managers of the corporate debtor shall report to the interim resolution professional.

Explanation.—For the purposes of this sub-section, the officers of the corporate debtor shall include the financial institutions maintaining accounts of the corporate debtor.

(2) The interim resolution professional vested with the management of the corporate debtor shall—

1. act and execute in the name and on behalf of the corporate debtor all deeds, receipts and other documents, if any;
2. take such actions, in the manner and subject to such restrictions, as may be specified by the Board;
3. have the authority to access the electronic records of the corporate debtor from information utility having financial information of the corporate debtor.