IBC 82 — Appointment of resolution professional

Insolvency & Bankruptcy Code, 2016

Statutory text

(1) Where an application under section 80 is filed by the  debtor  through  a  resolution  professional,  the  Adjudicating  Authority  shall  direct  the  Board  within seven days of the date of receipt of the application and shall seek confirmation from the Board that there are no disciplinary proceedings against the resolution professional who has submitted such application.
(2) The Board shall communicate to the Adjudicating Authority in writing either—
(a) confirmation of the appointment of the resolution professional who filed an application under sub-section (1); or (b)  rejection  of  the  appointment  of  the  resolution  professional  who  filed  an  application  under sub-section (1) and nominate a resolution professional suitable for the fresh start process.
(3) Where an application under section 80 is filed by the debtor himself and not through the resolution professional, the Adjudicating Authority shall direct the Board within seven days of the date of the receipt of an application to nominate a resolution professional for the fresh start process.
(4)  The  Board  shall  nominate  a  resolution  professional  within  ten  days  of  receiving  the  direction issued by the Adjudicating Authority under sub-section (3).
(5)  The  Adjudicating  Authority  shall  by  order  appoint  the  resolution  professional  recommended  or nominated by the Board under sub-section (2) or sub-section (4), as the case may be.
(6) A resolution professional appointed by the Adjudicating Authority under sub-section (5) shall be provided a copy of the application for fresh start.

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