Resignation of insolvency professionals: permitted with stakeholder recommendation and Adjudicating Authority approval, duties continue until approval. An insolvency professional may resign from an assignment subject to stakeholder recommendation-committee of creditors, consultation committee, or debtor/creditor in a personal guarantor process-and the approval of the Adjudicating Authority, and must continue duties until such approval. Insolvency professional entities may engage or appoint partners or directors for assignment-related work and provide services connected to assignments undertaken by those partners or directors, excluding any services related to valuation or audit of the debtor.
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.
Resignation of insolvency professionals: permitted with stakeholder recommendation and Adjudicating Authority approval, duties continue until approval.
An insolvency professional may resign from an assignment subject to stakeholder recommendation-committee of creditors, consultation committee, or debtor/creditor in a personal guarantor process-and the approval of the Adjudicating Authority, and must continue duties until such approval. Insolvency professional entities may engage or appoint partners or directors for assignment-related work and provide services connected to assignments undertaken by those partners or directors, excluding any services related to valuation or audit of the debtor.
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