Replacement of resolution professional: committee decision enables substitution, subject to board confirmation and procedural safeguards. Replacement of the resolution professional permits the Committee of Creditors to remove and substitute the incumbent during the Corporate Insolvency Resolution Process by the prescribed voting majority with written consent of the proposed appointee; the Committee forwards the name to the Adjudicating Authority, which forwards it to the Board for confirmation and appointment, while the incumbent continues if disciplinary proceedings are pending against the proposed 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.
Replacement of resolution professional: committee decision enables substitution, subject to board confirmation and procedural safeguards.
Replacement of the resolution professional permits the Committee of Creditors to remove and substitute the incumbent during the Corporate Insolvency Resolution Process by the prescribed voting majority with written consent of the proposed appointee; the Committee forwards the name to the Adjudicating Authority, which forwards it to the Board for confirmation and appointment, while the incumbent continues if disciplinary proceedings are pending against the proposed professional.
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