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Appointment of Liquidator and fee to be paid.

Section 34 - Act - LIQUIDATION PROCESS - Insolvency and Bankruptcy Code, 2016 - Section 34 - 34. (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for .....

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less 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, .....

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rovisions of section 19 shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the interim resolution professional. (4) The Adj .....

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; 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 th .....

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y 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 .....

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or the conduct of the liquidation 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 t .....

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