Replacement of resolution professional allows committee of creditors to appoint a successor subject to consent and regulatory confirmation. Replacement of the resolution professional permits the committee of creditors to vote to substitute the incumbent with another insolvency professional subject to a prescribed voting majority and a written consent from the proposed professional; the committee forwards the candidate to the adjudicating authority, which refers the name to the Board for confirmation and appointment, and the incumbent continues if disciplinary proceedings against the proposed candidate are pending.
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.
Replacement of resolution professional allows committee of creditors to appoint a successor subject to consent and regulatory confirmation.
Replacement of the resolution professional permits the committee of creditors to vote to substitute the incumbent with another insolvency professional subject to a prescribed voting majority and a written consent from the proposed professional; the committee forwards the candidate to the adjudicating authority, which refers the name to the Board for confirmation and appointment, and the incumbent continues if disciplinary proceedings against the proposed candidate are pending.
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