Appointment of Resolution Professional: committee of creditors' supermajority and written consent govern continuation or replacement of interim professional. Section 22 requires the committee of creditors to decide by the requisite voting share whether to confirm the interim resolution professional as ... Summary
Appointment of Resolution Professional: committee of creditors' supermajority and written consent govern continuation or replacement of interim professional.
Section 22 requires the committee of creditors to decide by the requisite voting share whether to confirm the interim resolution professional as resolution professional or to replace them; such decision requires written consent from the person proposed to act as RP, must be communicated to relevant parties or filed with the Adjudicating Authority when replacement is proposed, and the Adjudicating Authority forwards the proposed name to the Board for confirmation, with the interim professional continuing if Board confirmation is delayed.
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