Appointment of Liquidator and fee to be paid.

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....shall be vested in the liquidator. ^8[(3) Any person who is or has been a personnel of the corporate debtor, or its promoter, or associated with the management of the corporate debtor, or engaged in a contract for service with the corporate debtor, shall extend all assistance and cooperation to the liquidator as may be required by him for the purposes of managing the affairs of the corporate debtor or performing the duties conferred on him under this Chapter and the provisions of section 19 shall apply in relation to liquidation and voluntary liquidation process as they apply in relation to corporate insolvency resolution process with the substitution of references to the liquidator for references to the interim resolution professional a....

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.... The fees for the conduct of the liquidation proceedings under sub-section (8) shall be paid to the liquidator from the proceeds of the liquidation estate under section 53.     ************* NOTES:- ** Come into the force w.e.f. 15-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3687(E) dated 09-12-2016 1. Substituted vide Section 26 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as, "Chapter II shall" 2. Substituted vide Section 26 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as, "in writing" 3. Inserted vide Section 26 of the Insolvency and Bankruptcy Code (Second Amendm....

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....nnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor and provisions of section 19 shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process 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 professional under section 30 was rejected for failure to meet the requirements mentioned in sub-section (2) of section 30; or (b) the Board recommends the replacement of a re....