(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 sixty-six per cent. of voting shares, resolve to replace the resolution professional appointed under section 22 with another resolution professional, subject to a person being identified by the committee of creditors to be appointed as a replacement 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, within a period of seven days of the receipt of the name of the proposed resolution professional under sub-section (3),—
- appoint the proposed resolution professional, if no disciplinary proceedings are pending against him; or
- direct the resolution professional to continue, if any disciplinary proceedings are pending against the proposed resolution professional.