Liquidator appointment and fee framework govern liquidation control, cooperation duties, record transfer, and payment from liquidation estate proceeds. Appointment of a liquidator follows an order of liquidation, with the Adjudicating Authority referring the matter to the Board for recommendation of an insolvency professional and appointing the proposed professional as liquidator on receipt of that recommendation. Once appointed, the powers of the board of directors, key managerial personnel and partners cease and vest in the liquidator, while connected persons must extend assistance and cooperation. The resolution professional must forward all records of the corporate insolvency resolution process, and the liquidator's fees are payable from the liquidation estate proceeds.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liquidator appointment and fee framework govern liquidation control, cooperation duties, record transfer, and payment from liquidation estate proceeds.
Appointment of a liquidator follows an order of liquidation, with the Adjudicating Authority referring the matter to the Board for recommendation of an insolvency professional and appointing the proposed professional as liquidator on receipt of that recommendation. Once appointed, the powers of the board of directors, key managerial personnel and partners cease and vest in the liquidator, while connected persons must extend assistance and cooperation. The resolution professional must forward all records of the corporate insolvency resolution process, and the liquidator's fees are payable from the liquidation estate proceeds.
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