(1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the opinion that a 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.
(2) The committee of creditors may, at a meeting, by a vote of seventy five per cent of voting shares, propose to replace the resolution professional appointed under section 22 with another resolution professional.
(3) The committee of creditors shall forward the name of the insolvency professional proposed by them to the Adjudicating Authority.
(4) The Adjudicating Authority shall forward the name of the proposed resolution professional to the Board for its confirmation and a resolution professional shall be appointed in the same manner as laid down in section 16.
(5) Where any disciplinary proceedings are pending against the proposed resolution professional under sub-section (3), the resolution professional appointed under section 22 shall continue till the appointment of another resolution professional under this section.
Insolvency and Bankruptcy Code 2016
Section 21 Committee of creditors
Section 22 Appointment of resolution professional
Section 23 Resolution professional to conduct corporate insolvency resolution process
Section 24 Meeting of committee of creditors
Section 25 Duties of resolution professional
Section 26 Application for avoidance of transactions not to affect proceedings
Section 27 Replacement of resolution professional by committee of creditors
Section 28 Approval of committee of creditors for certain actions