Justice NV Ramana is about to retire. Who will be the next CJI? How is a CJI appointed?

Justice Uday Umesh Lalit is set to be the next Chief Justice of India after his predecessor NV Ramana. As Justice Ramana is due to retire on 26 August, after which Justice Lalit will take over. Justice Lalit will become India's 49th CJI. However, he will only have 74 days in the chair.