In a case of Individual Insolvency, creditors resolved to replace the Resolution Professional and approached you for an advice. Offer your views for replacing the Resolution Professional.

Section 98 of the Insolvency and Bankruptcy Code 2016 provides for the grounds and the manner in which a resolution professional can be replaced with another resolution professional in an insolvency resolution process initiated under section 94 of the Code on an application by the debtor or under section 95 of the Code if applied for by a creditor. The debtor or creditor may apply to Adjudicating Authority for such replacement. Within seven days, the Adjudicating Authority shall make a reference to Insolvency and Bankruptcy Board of India (IBBI) for replacement. IBBI in turn within ten days shall recommend the name of Resolution Professional against whom no disciplinary proceedings are pending.