(1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 82 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of such resolution professional.
(2) The Adjudicating Authority shall within seven days of the receipt of the application under sub-section (1) make a reference to the Board for replacement of the resolution professional.
(3) The Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section (2), recommend the name of an insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending.
(4) The Adjudicating Authority shall appoint another resolution professional for the purposes of the fresh start process on the basis of the recommendation by the Board.
(5) The Adjudicating Authority may give directions to the resolution professional replaced under sub-section (4)-
(a) to share all information with the new resolution professional in respect of the fresh start process; and
(b) to co-operate with the new resolution professional as may be required.
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