"Osore irimasu"

What would be a correct situation for the use of "Osore irimasu", because more normally "Arigato gozaimasu" is used for Thank you.

Osore irimasu is more of a formal and humble version of saying thank you. It also implies the meaning something like: "I am in your debt", but it's usually translated as thank you very much/You have my gratitude. It's used when talking to people with a very high social status in comparison with yours or when you are in a great debt to someone for helping you with something very important.

I understand, so does that means that " Osore irimasu" could be used interchangeably instead of Arigato gozaimasu ?

Yes. Though, it is better to use osore irimasu when in very formal situations or when you're in great debt to someone for helping you with something.

Thanks a lot, i understand. Very helpful:)