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of <h1>Creditors Decide on Retaining or Appointing New Resolution Professional with 66% Majority Vote Under Insolvency Code 2016</h1> The Insolvency and Bankruptcy Code, 2016, outlines the process for appointing a resolution professional during the corporate insolvency resolution process. The first meeting of the committee of creditors must occur within seven days of its formation. In this meeting, a decision is made by a majority vote of at least sixty-six percent of the financial creditors to either retain the interim resolution professional or appoint a new one. If a new professional is chosen, an application is filed with the Adjudicating Authority for approval. The Adjudicating Authority forwards the proposed name to the Board for confirmation, and if not confirmed within ten days, the interim professional continues until confirmation.
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