New 55% Off on All Courses - Enroll Now! Click Here

    Question

    What is the correct sequence for the replacement of

    resolution professional by committee of creditors? a.    The committee of creditors shall forward the name of the insolvency professional proposed by them to the Adjudicating Authority b.    The Adjudicating Authority shall forward the name of the proposed resolution professional to the Board for its confirmation c.    Written consent of the proposed resolution professional be taken in the specified form d.    The committee of creditors may, at a meeting, by a vote of sixty-six per cent of voting shares resolve to replace the resolution professional
    A C, A, D, B Correct Answer Incorrect Answer
    B D, C, A, B Correct Answer Incorrect Answer
    C D, A, C, B Correct Answer Incorrect Answer
    D A, B, C, D Correct Answer Incorrect Answer
    E B, A, C, D Correct Answer Incorrect Answer

    Solution

    IBC  Section 27-Replacement of resolution professional by committee of creditors: (2) The committee of creditors may, at a meeting, by a vote of sixty-six per cent. of voting shares, resolve to replace the resolution professional, subject to a written consent from the proposed resolution professional in the specified form. (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.

    Practice Next

    Relevant for Exams: