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Home Acts & Rules Insolvency and Bankruptcy Act Insolvency and Bankruptcy Code, 2016 Chapters List Chapter III (of Part II) LIQUIDATION PROCESS This
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Section 34 - Appointment of Liquidator and fee to be paid. - Insolvency and Bankruptcy Code, 2016

Extract

..... the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4). (2) On the appointment of a liquidator under this section, all powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator. (3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs .....

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Section 34 - Appointment of Liquidator and fee to be paid. - Insolvency and Bankruptcy Code, 2016

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..... the name of another insolvency professional 5[along with written consent from the insolvency professional in the specified form,] within ten days of the direction issued by the Adjudicating Authority under sub-section (5). (7) The Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an insolvency professional as liquidator, by an order appoint such insolvency professional as the liquidator. (8) An insolvency professional proposed to be appointed as a liqu .....

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Section 34 - Appointment of Liquidator and fee to be paid. - Insolvency and Bankruptcy Code, 2016

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