https://www.taxtmi.com/caselaws?id=420346 The Insolvency and Bankruptcy Code, 2016 vests replacement of a resolution professional in the committee of creditors under Section 27. Section 60(5) does not create a parallel remedy for an operational creditor or other stakeholder to directly seek displacement of the resolution professional. Allegations of misconduct or contravention by an insolvency professional must be pursued through the complaint, inspection, investigation and disciplinary mechanism under Sections 217, 218 and 220. On that statutory scheme, a direct application for replacement is not maintainable. en-us Mon, 28 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 08:32:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420346 The Insolvency and Bankruptcy Code, 2016 vests replacement of a resolution professional in the committee of creditors under Section 27. Section 60(5) does not create a parallel remedy for an operational creditor or other stakeholder to directly seek displacement of the resolution professional. Allegations of misconduct or contravention by an insolvency professional must be pursued through the complaint, inspection, investigation and disciplinary mechanism under Sections 217, 218 and 220. On that statutory scheme, a direct application for replacement is not maintainable. Case-Laws Insolvency and Bankruptcy Mon, 28 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420346