Liquidator replacement by committee of creditors requires supermajority approval, written consent, and appointment by the adjudicating authority. Replacement of liquidator during liquidation may be initiated by the committee of creditors through a resolution supported by not less than sixty-six per cent of the voting share and the written consent of the proposed insolvency professional. The committee must then apply to the Adjudicating Authority for appointment of the proposed liquidator, and if no disciplinary proceedings are pending, the authority is to replace the existing liquidator and appoint the proposed insolvency professional.
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.
Liquidator replacement by committee of creditors requires supermajority approval, written consent, and appointment by the adjudicating authority.
Replacement of liquidator during liquidation may be initiated by the committee of creditors through a resolution supported by not less than sixty-six per cent of the voting share and the written consent of the proposed insolvency professional. The committee must then apply to the Adjudicating Authority for appointment of the proposed liquidator, and if no disciplinary proceedings are pending, the authority is to replace the existing liquidator and appoint the proposed insolvency professional.
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