20. (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-
(a) to appoint accountants, legal or other professionals as may be
necessary;
(b) to enter into contracts on behalf of the corporate debtor or to amend or
modify the contracts or transactions which were entered into before the
commencement
of corporate insolvency resolution process;
(c) to 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 prior consent of the creditor shall be required where the
value of such property is not less than the amount equivalent to twice the
amount of the debt.
(d) to issue instructions to personnel of the corporate debtor as may be
necessary for keeping the corporate debtor as a going concern; and
(e) to take all such actions as are necessary to keep the corporate debtor
as a going concern.