Resolution professional appointment turns on creditor approval, written consent, and Board confirmation under insolvency procedure. The first meeting of the committee of creditors must be held within seven days of its constitution, and the committee may, by a majority of not less than sixty-six per cent of the voting share of financial creditors, either continue the interim resolution professional as resolution professional or replace that person with another proposed resolution professional. If the interim resolution professional is continued, appointment is deemed to take effect from the date of the resolution subject to written consent; if replaced, the committee must apply to the Adjudicating Authority with the proposed professional's written consent.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Resolution professional appointment turns on creditor approval, written consent, and Board confirmation under insolvency procedure.
The first meeting of the committee of creditors must be held within seven days of its constitution, and the committee may, by a majority of not less than sixty-six per cent of the voting share of financial creditors, either continue the interim resolution professional as resolution professional or replace that person with another proposed resolution professional. If the interim resolution professional is continued, appointment is deemed to take effect from the date of the resolution subject to written consent; if replaced, the committee must apply to the Adjudicating Authority with the proposed professional's written consent.
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