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of <h1>Committee of creditors can transfer corporate debtor management with 66% vote; requires Adjudicating Authority approval under Section 54J.</h1> During the pre-packaged insolvency resolution process, the committee of creditors can resolve to transfer management of the corporate debtor to a resolution professional by a 66% vote. The resolution professional must apply to the Adjudicating Authority for approval. If the Authority finds fraudulent conduct or gross mismanagement, it will order the management transfer. Various provisions apply until the process concludes. The resolution professional's appointment terms, including fees, are specified in Form P3. The Board can create regulations to implement these provisions, including the application process under Section 54J.
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