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of <h1>Liquidator Takes Charge Under Section 33 of IBC 2016; Assumes Powers from Corporate Debtor's Board and Personnel Must Cooperate.</h1> When a corporate debtor is ordered for liquidation under section 33 of the Insolvency and Bankruptcy Code, 2016, the resolution professional from the insolvency resolution process becomes the liquidator unless replaced by the Adjudicating Authority. Upon appointment, the liquidator assumes all powers from the corporate debtor's board and personnel, who must cooperate as required. The Adjudicating Authority can replace the liquidator if the resolution plan fails, upon Board recommendation, or if consent is not submitted. The Board proposes a new insolvency professional, who charges fees based on the liquidation estate's value, paid from the estate's proceeds.
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