22. (1) The first meeting of the committee of creditors shall be held
within seven days of the constitution of the committee of creditors.
(2) The committee of creditors, may, in the first meeting, by a majority
vote of not less than seventy-five 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 professional by another resolution professional.
(3) Where the committee of creditors resolves under sub-section (2)-
(a) to continue the interim resolution professional as resolution
professional, it shall communicate its decision to the interim resolution
professional, the corporate debtor and the Adjudicating Authority; or
(b) to replace the interim resolution professional, it shall file an
application before the Adjudicating Authority for the appointment of the
proposed resolution professional.
(4) The Adjudicating Authority shall forward the name of the resolution
professional proposed under clause (b) of sub-section (3) to the Board for
its confirmation and shall make such appointment after confirmation by the
Board.
(5) Where the Board does not confirm the name of the proposed resolution
professional within ten days of the receipt of the name of the proposed
resolution professional, the Adjudicating Authority shall, by order, direct
the interim resolution professional to continue to function as the
resolution professional until such time as the Board confirms the
appointment of the proposed resolution professional.