Interim resolution professional appointment: nominee or Board recommendation governs selection and committee of creditors decides continuation or replacement. The Interim Resolution Professional is appointed on the insolvency commencement date: a financial creditor's or corporate debtor's proposed resolution professional is appointed if no disciplinary proceedings exist; for operational creditor applications the Adjudicating Authority either refers the matter to the Board for recommendation or appoints a proposed nominee if included and clear of disciplinary proceedings. The interim professional serves until the committee of creditors either confirms them as resolution professional or proposes a replacement to the Board for confirmation, and the interim continues if the Board delay prevents immediate replacement.
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.
Interim resolution professional appointment: nominee or Board recommendation governs selection and committee of creditors decides continuation or replacement.
The Interim Resolution Professional is appointed on the insolvency commencement date: a financial creditor's or corporate debtor's proposed resolution professional is appointed if no disciplinary proceedings exist; for operational creditor applications the Adjudicating Authority either refers the matter to the Board for recommendation or appoints a proposed nominee if included and clear of disciplinary proceedings. The interim professional serves until the committee of creditors either confirms them as resolution professional or proposes a replacement to the Board for confirmation, and the interim continues if the Board delay prevents immediate replacement.
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