Interim resolution professional appointment streamlined under insolvency law for financial creditor and corporate applicant processes. Amends section 16 of the Insolvency and Bankruptcy Code to change the appointment of an interim resolution professional. In a financial creditor-initiated corporate insolvency resolution process, the resolution professional proposed in the application is appointed if no disciplinary proceedings are pending. In a corporate applicant-initiated process, the Adjudicating Authority refers the matter to the Board for recommendation of an insolvency professional to act as interim resolution professional, with the related cross-reference updated accordingly.
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Provisions expressly mentioned in the judgment/order text.
Interim resolution professional appointment streamlined under insolvency law for financial creditor and corporate applicant processes.
Amends section 16 of the Insolvency and Bankruptcy Code to change the appointment of an interim resolution professional. In a financial creditor-initiated corporate insolvency resolution process, the resolution professional proposed in the application is appointed if no disciplinary proceedings are pending. In a corporate applicant-initiated process, the Adjudicating Authority refers the matter to the Board for recommendation of an insolvency professional to act as interim resolution professional, with the related cross-reference updated accordingly.
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