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CS Professional · Insolvency and Bankruptcy - Law and Practice · Fresh Start Process

In a fresh start application filed through resolution professional Kiran Desai, the Board finds that disciplinary proceedings are pending against him. What course does section 82 contemplate?

The Board communicates rejection of the appointment and nominates another resolution professional suitable for the fresh start process. The application is not rejected, and the Adjudicating Authority then appoints the Board's nominee by order. The debtor does not propose the replacement.

  1. AThe application stands rejected and the debtor must refile
  2. BThe Board rejects the appointment and nominates another resolution professional suitable for the fresh start processCorrect
  3. CThe Adjudicating Authority proceeds with Kiran Desai but records the pendency
  4. DThe debtor must himself propose a replacement within seven days

Explanation

Under section 82(2)(b), the Board may reject the appointment of the professional who filed the application and nominate a resolution professional suitable for the fresh start process. The application itself is not rejected, and the Adjudicating Authority then appoints the nominee under section 82(5).

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