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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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ll 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 a .....

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ss with the substitution of references to the liquidator for references to the interim resolution professional. (4) The Adjudicating Authority shall by order replace the resolution professional, if- (a) the resolution plan submitted by the resolution .....

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rded in writing. (5) For the purposes of clause (a) of sub-section (4), the Adjudicating Authority may direct the Board to propose the name of another insolvency professional to be appointed as a liquidator. (6) The Board shall propose the name of an .....

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