https://www.taxtmi.com/caselaws?id=431659 A resolution professional has no vested right to continue as liquidator under the Insolvency and Bankruptcy Code, 2016, and the adjudicating authority may exercise judicial discretion to appoint another insolvency professional if replacement is in the creditors' interests and supports an effective liquidation process. The absence of a pari materia replacement mechanism in liquidation, unlike CIRP, does not bar such action, and a finding of misconduct is not essential where the decision is not based on section 34(4) grounds. The replacement was therefore legally sustainable, and the challenge failed. en-us Thu, 15 Dec 2022 00:00:00 +0530 Mon, 19 Dec 2022 09:15:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431659 A resolution professional has no vested right to continue as liquidator under the Insolvency and Bankruptcy Code, 2016, and the adjudicating authority may exercise judicial discretion to appoint another insolvency professional if replacement is in the creditors' interests and supports an effective liquidation process. The absence of a pari materia replacement mechanism in liquidation, unlike CIRP, does not bar such action, and a finding of misconduct is not essential where the decision is not based on section 34(4) grounds. The replacement was therefore legally sustainable, and the challenge failed. Case-Laws Insolvency and Bankruptcy Thu, 15 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431659