(1) The interim resolution professional shall make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern.

(2) For the purposes of sub-section (1), the interim resolution professional shall have the authority to—

1. appoint accountants, legal or other professionals as may be necessary;
2. enter into contracts on behalf of the corporate debtor or to amend or modify the contracts or transactions which were entered into before the insolvency commencement date by the corporate debtor;
3. raise interim finance provided that no security interest shall be created over any encumbered property of the corporate debtor without the prior consent of the creditors whose debt is secured over such encumbered property:

   Provided that no interim finance shall be raised at a cost higher than such rate as may be determined by the committee of creditors by a vote of not less than sixty-six per cent. of the voting shares;

4. issue instructions to personnel of the corporate debtor as may be necessary for keeping the corporate debtor as a going concern; and
5. take all such actions as are necessary to keep the corporate debtor as a going concern.