Section 89 of IBC : Section 89: Replacement Of Resolution Professional

IBC

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Explanation using Example

Imagine Jane Doe, who owes a substantial amount of money to various creditors, has initiated a fresh start process under the Insolvency and Bankruptcy Code to relieve her of the debt burden. An insolvency resolution professional (IRP) is appointed to manage the process. However, over time, Jane feels that the IRP is not performing their duties effectively or is biased towards certain creditors. Jane decides that in order to ensure a fair process, this IRP should be replaced.

Jane approaches the Adjudicating Authority (which...

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