27. (1) Where, at any time during the corporate insolvency resolution
process, the committee of creditors is of the opinion that a resolution
professional appointed under section 22 is required to be replaced, it may
replace him with another resolution professional 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 shares, propose to replace the resolution professional
appointed under section 22 with another resolution professional.
(3) The committee of creditors shall forward the name of the insolvency
professional proposed by them to the Adjudicating Authority.
(4) The Adjudicating Authority shall forward the name of the proposed
resolution professional to the Board for its confirmation and a resolution
professional shall be appointed in the same manner as laid down in section
16.
(5) Where any disciplinary proceedings are pending against the proposed
resolution professional under sub-section (3), the resolution professional
appointed under section 22 shall continue till the appointment of another
resolution professional under this section.