(1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors.

(2) The committee of creditors, may, in the first meeting, by a majority vote of not less than sixty-six per cent. of the voting share of the financial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional.

(3) Where the committee of creditors resolves under sub-section (2)—

1. to continue the interim resolution professional as resolution professional, it shall communicate its decision to the interim resolution professional, the corporate debtor and the Adjudicating Authority; or
2. to replace the interim resolution professional with another resolution professional, it shall file an application before the Adjudicating Authority for the appointment of the proposed resolution professional along with a written consent from the proposed resolution professional in such form as may be specified.

(4) The Adjudicating Authority shall, within a period of seven days of the receipt of an application under clause (b) of sub-section (3), by an order—

1. appoint the resolution professional as proposed, if no disciplinary proceedings are pending against him; or
2. direct the interim resolution professional to continue, if any disciplinary proceedings are pending against the proposed resolution professional.