145. (1) Where Committee of creditors is of the opinion that at any time
during the bankruptcy process, a bankruptcy trustee appointed under section
125 is required to be replaced, it may replace him with another bankruptcy
trustee in the manner provided under this section.
(2) The Committee of creditors may, at a meeting, by a vote of seventy-five
per cent. of voting share, propose to replace the bankruptcy trustee
appointed under section 125 with another bankruptcy trustee.
(3) The Committee of creditors may apply to the Adjudicating Authority for
the replacement of the bankruptcy trustee.
(4) The Adjudicating Authority shall within seven days of the receipt of the
application under sub-section (3) direct the Board to recommend for
replacement of bankruptcy trustee.
(5) The Board shall, within ten days of the direction of the Adjudicating
Authority under sub-section (4) , recommend a bankruptcy trustee for
replacement against whom no disciplinary proceedings are pending.
(6) The Adjudicating Authority shall, by an order, appoint the bankruptcy
trustee as recommended by the Board under sub-section (5) within fourteen
days of receiving such recommendation.
(7) The earlier bankruptcy trustee shall deliver possession of the estate of
the bankrupt to the bankruptcy trustee appointed under sub-section (6) , on
the date of his appointment.
(8) The Adjudicating Authority may give directions to the earlier bankruptcy
trustee-
(a) to share all information with the new bankruptcy trustee in respect of
the bankruptcy process; and
(b) to co-operate with the new bankruptcy trustee in such matters as may be
required.
(9) The earlier bankruptcy trustee replaced under this section shall be
released in accordance with the provisions of section 148.
(10) The bankruptcy trustee appointed under this section shall give a notice
of his appointment to the bankrupt within seven days of his appointment.