(F) AFP Ltd (Corporate Debtor), an Associate Company of ABT is classified as a Small Enterprise under Section 7 (1) of the Micro, Small and Medium Enterprises Development Act, 2006. It owes ₹60 lakhs to its creditors. Du

(F) AFP Ltd (Corporate Debtor), an Associate Company of ABT is classified as a Small Enterprise under Section 7 (1) of the Micro, Small and Medium Enterprises Development Act, 2006. It owes ₹60 lakhs to its creditors. Due to the brunt of deep rescission in the business, the Corporate Debtor was not in a position to recover money from Sundry Debtors as per the payment schedule and as result of which, it committed default in settling dues to the Sundry Creditors. The Corporate Debtor, eventually, decided to go for a 'Pre-Packaged Insolvency Resolution Process (PPIRP) under the IBC, 2016 and took recourse to the following steps to initiate PPIRP. (i) The Financial Creditors of the Corporate Debtor, not being the related parties, representing 66% in value of the financial debt due to them, proposed Ms. Jaiswithaa Iyer, the Insolvency Professional, to be appointed as a Resolution Professional to conduct PPIRP. In respect of the inputs given in Para-F above, briefly answer the following questions: Whether the act of the financial creditors proposing the name of Ms. Jaiswithaa Iyer as Resolution Professional is valid?