(1) The committee of creditors may, at any time during the pre-packaged insolvency resolution process, by a vote of not less than sixty-six per cent. of the voting shares, resolve to vest the management of the corporate debtor with the resolution professional, if—

1. the corporate debtor or any of its personnel has indulged in any of the following acts, namely:—
   1. concealment or diversion of assets of the corporate debtor;
   2. fraudulent activities in relation to the corporate debtor; or
   3. gross mismanagement of the affairs of the corporate debtor;
2. the affairs of the corporate debtor are being conducted in a manner that is likely to cause losses to the creditors of the corporate debtor.

(2) Where the committee of creditors passes a resolution under sub-section (1), the resolution professional shall make an application to the Adjudicating Authority for an appropriate order.

(3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the grounds specified in sub-section (1) exist, it may, by an order, vest the management of the corporate debtor with the resolution professional.

(4) Upon the order of the Adjudicating Authority under sub-section (3), the provisions of sections 17, 18, 19 and 20 shall, mutatis mutandis, apply.