(1) The debtor or the creditor who is aggrieved by the action taken by the resolution professional under section 86 may, within ten days of such decision, make an application to the Adjudicating Authority challenging such action on any of the following grounds, namely:-
(a) that the resolution professional has not given an opportunity to the debtor or the creditor to make a representation; or
(b) that the resolution professional colluded with the other party in arriving at the decision; or
(c) that the resolution professional has not complied with the requirements of section 86.
(2) The Adjudicating Authority shall decide the application referred to in sub-section (1) within fourteen days of such application, and make an order as it deems fit.
(3) Where the application under sub-section (1) has been allowed by the Adjudicating Authority, it shall forward its order to the Board and the Board may take such action as may be required under Chapter VI of Part IV against the resolution professional.
Insolvency and Bankruptcy Code 2016
PART III INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS
CHAPTER I PRELIMINARY
CHAPTER II FRESH START PROCESS
Section 80 Eligibility for making an application
Section 81 Application for fresh start order
Section 82 Appointment of resolution professional
Section 83 Examination of application by resolution professional
Section 84 Admission or rejection of application by Adjudicating Authority
Section 85 Effect of admission of application
Section 86 Objections by creditor and their examination by resolution professional
Section 87 Application against decision of resolution professional
Section 88 General duties of debtor
Section 89 Replacement of resolution professional