Committee of Creditors' commercial wisdom permits replacement of a resolution professional, who has no vested right to remain in office, provided statutory and procedural requirements are met; the replacement was upheld. The professional must nevertheless act independently and consistently with the Code and Regulations. Professional fees depend on work performed and the creditors' acceptance of the applicable scale, while CIRP-expense reimbursement requires factual examination; both claims remain for NCLT adjudication. Adverse observations bearing on the former professional's reputation were expunged as unnecessary.
Committee of Creditors' commercial wisdom permits replacement of a resolution professional, who has no vested right to remain in office, provided statutory and procedural requirements are met; the replacement was upheld. The professional must nevertheless act independently and consistently with the Code and Regulations. Professional fees depend on work performed and the creditors' acceptance of the applicable scale, while CIRP-expense reimbursement requires factual examination; both claims remain for NCLT adjudication. Adverse observations bearing on the former professional's reputation were expunged as unnecessary.
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