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TMI BlogAppointment of resolution professional [ Section 22 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... the committee of creditors. Appointment of interim Resolution Professional In the first meeting The committee of creditors, 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 pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on professional in the specified form. Adjudication Authority Forward the name of Resolution Professional to Board [ Section 22(4) ] The Adjudicating Authority shall forward the name of the resolution professional proposed under section 22(3)(b) to the Board for its confirmation and shall make such appointment after confirmation by the Board. Appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ude of the appellant was unprofessional. In appeal, referring to section 22 of the IBC, the NCLAT observed that if the CoC resolves to appoint the IRP as RP, consent is required from the IRP as to whether he intends to continue as RP or wants to be discharged. Without his consent, the IRP cannot be forced to continue beyond 30 days. It further observed that, given the facts and circumstances and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21.12.2020 The decision of appointment of IRP as RP or replacement of IRP by another RP falls within the ambit of section 22 of the Code and is a decision based on commercial wisdom of CoC which is not amenable to judicial review. When the CoC has passed the resolution with the requisite majority, it is not proper to say that the legal rights of IRP have been infringed. - Man ..... X X X X Extracts X X X X X X X X Extracts X X X X
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