Vacancies in Key Managerial Personnel must be filled within three months, with limited interim appointment exceptions.

Regulation 62P requires HVDLEs to fill vacancies for CEO, Managing Director, Whole Time Director, Manager and Chief Financial Officer within three months, extended to six months where regulatory or statutory approvals are necessary. Interim appointments are not permitted unless made in accordance with laws applicable to fresh appointments and the related obligations attach to the appointee. Where a resolution plan under the Insolvency Code is approved, such vacancies must be filled within three months of approval and the HVDLE must maintain at least one full-time key managerial personnel in the interim.

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