TMI BlogAppointment of Liquidator and fee to be paid.X X X X Extracts X X X X X X X X Extracts X X X X ..... solution process under 1 [ Chapter II 7 [ or for the pre-packaged insolvency resolution process under Chapter III-A ] shall, subject to submission of a written consent by the resolution professional to the Adjudicatory Authority in specified form, ] act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4). (2) On the appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 2 [ in writing; or ] . 3 [ (c) the resolution professional fails to submit written consent under sub-section (1) ] (5) For the pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings and in such proportion to the value of the liquidation estate assets, as may be specified by the Board. (9) The fees for the conduct of the liquidation proceedings under sub-section (8) shall be paid to the liquidator from the proceeds of the liquidation estate under section 53. ******* Notes 1. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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