Question
When can the Adjudicatory Authority order the
replacement of the resolution professional to act as the liquidator?Solution
Section 34-Appointment of liquidator and fee to be paid: (4) The Adjudicating Authority shall by order replace the resolution professional, if— (a) the resolution plan submitted by the resolution professional under section 30 was rejected for failure to meet the requirements mentioned in sub-section (2) of section 30; or (b) the Board recommends the replacement of a resolution professional to the Adjudicating Authority for reasons to be recorded in writing in; or (c) the resolution professional fails to submit written consent under sub-section (1).
An unfavourable material usage arises because of:
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