Appointment of liquidator under IBC: resolution professional becomes liquidator unless replaced, fees payable from liquidation estate. The resolution professional who conducted the insolvency process shall act as liquidator upon a liquidation order if they submit written consent; the Adjudicating Authority may replace them for rejected plans, Board recommendation, or lack of consent, and may direct the Board to propose another insolvency professional who must provide consent within ten days. On appointment, powers of the board and KMP vest in the liquidator, personnel must cooperate, and fees specified by the Board are payable from the liquidation estate.
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.
Appointment of liquidator under IBC: resolution professional becomes liquidator unless replaced, fees payable from liquidation estate.
The resolution professional who conducted the insolvency process shall act as liquidator upon a liquidation order if they submit written consent; the Adjudicating Authority may replace them for rejected plans, Board recommendation, or lack of consent, and may direct the Board to propose another insolvency professional who must provide consent within ten days. On appointment, powers of the board and KMP vest in the liquidator, personnel must cooperate, and fees specified by the Board are payable from the liquidation estate.
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