Replacement of Resolution Professional by Committee of Creditors [ Section 27 ]

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....ittee of creditors is of the opinion that the resolution professional appointed under section 22 is required to be replaced, it may replace, him with another resolution professional in the manner provided under this section.. Requirement of voting share to replace resolution professional [ Section 27(2) ] * The committee of creditors may, at a meeting, by a vote of 66% of voting shares, resolve....

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....ry proceedings are pending against the proposed RP [ Section 27(5) ] * Where any disciplinary proceedings are pending against the proposed resolution professional under section 27(3), the resolution professional appointed under section 22 shall continue till the appointment of another resolution professional. Relevant Case Law * Punjab National Bank Vs. Kiran Shah [ 2019 (8) TMI 1551 - NCLAT....

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....MI 1063 - NCLAT, New Delhi ] Dated 31.01.2018 * The Adjudicating authority (AA) is also empowered to remove the RP, apart from the committee of Creditor (CoC), but it should be for the reasons and in the manner as provided under the relevant provisions. * Naveen Kumar Jain Vs. Committee of Creditors of K.D.K Enterprises Pvt. Ltd. & Ors. [ 2020 (11) TMI 957- NCLAT, New Delhi ] Dated 03.11.2020 ....