Replacement of resolution professional: procedure for application, Board recommendation and Adjudicating Authority appointment and cooperation. Replacement of the resolution professional requires application to the Adjudicating Authority, which must refer the matter to the Board; the Board ... Summary
Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019
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Replacement of resolution professional: procedure for application, Board recommendation and Adjudicating Authority appointment and cooperation.
Replacement of the resolution professional requires application to the Adjudicating Authority, which must refer the matter to the Board; the Board recommends a professional free of pending disciplinary proceedings and, following its communication, the Adjudicating Authority appoints the new professional. Creditors may apply for replacement after a meeting decision for repayment plan implementation; on appointment the Adjudicating Authority may direct the outgoing professional to share information and cooperate with the successor.
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