98. (1) Where the debtor or the creditor is of the opinion that the
resolution professional appointed under section 97 is required to be
replaced, he may apply to the Adjudicating Authority for the replacement of
the such resolution professional.
(2) The Adjudicating Authority shall within seven days of the receipt of the
application under sub-section (1) make a reference to the Board for
replacement of the resolution professional.
(3) The Board shall, within ten days of the receipt of a reference from the
Adjudicating Authority under sub-section (2), recommend the name of the
resolution professional to the Adjudicating Authority against whom no
disciplinary proceedings are pending.
(4) Without prejudice to the provisions contained in sub-section (1), the
creditors may apply to the Adjudicating Authority for replacement of the
resolution professional where it has been decided in the meeting of the
creditors, to replace the resolution professional with a new resolution
professional for implementation of the repayment plan.
(5) Where the Adjudicating Authority admits an application made under
sub-section (1) or sub-section (4) , it shall direct the Board to confirm
that there are no disciplinary proceedings pending against the proposed
resolution professional.
(6) The Board shall send a communication within ten days of receipt of the
direction under sub-section (5) either-
(a) confirming appointment of the nominated resolution professional; or
(b) rejecting appointment of the nominated resolution professional and
recommend a new resolution professional.
(7) On the basis of the communication of the Board under sub-section (3) or
sub-section (6) , the Adjudicating Authority shall pass an order appointing
a new resolution professional.
(8) The Adjudicating Authority may give directions to the resolution
professional replaced under sub-section (7)-
(a) to share all information with the new resolution professional in respect
of the insolvency resolution process; and
(b) to co-operate with the new resolution professional in such matters as
may be required.