Liquidator appointment process revised under insolvency law, with board recommendation, cooperation duties, and separation from the resolution professional. Amends section 34 of the Insolvency and Bankruptcy Code to revise the appointment of the liquidator after a liquidation order. The Adjudicating Authority must refer the matter to the Board for recommendation of an insolvency professional, and the Board must propose, within ten days, a professional other than the resolution professional, along with written consent in the specified form. Connected persons must assist the liquidator, records of the insolvency resolution process must be forwarded to the liquidator, and the resolution professional cannot be appointed or replaced as liquidator for the same corporate debtor.
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 process revised under insolvency law, with board recommendation, cooperation duties, and separation from the resolution professional.
Amends section 34 of the Insolvency and Bankruptcy Code to revise the appointment of the liquidator after a liquidation order. The Adjudicating Authority must refer the matter to the Board for recommendation of an insolvency professional, and the Board must propose, within ten days, a professional other than the resolution professional, along with written consent in the specified form. Connected persons must assist the liquidator, records of the insolvency resolution process must be forwarded to the liquidator, and the resolution professional cannot be appointed or replaced as liquidator for the same corporate debtor.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
