Liquidator replacement by committee of creditors requires supermajority approval, written consent, and adjudicating authority appointment.

A new provision authorises the committee of creditors to replace a liquidator during the liquidation process by a resolution supported by not less than sixty-six per cent of the voting share, subject to the proposed liquidator's written consent in the prescribed form. The committee must then apply to the Adjudicating Authority for appointment of the proposed liquidator, and if no disciplinary proceedings are pending against that person, the Authority is required to replace the existing liquidator and appoint the proposed liquidator.

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