2021 (2) TMI 1281

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....tava, Member (T) For the Appellant : Mansij Arya and Priyanka, Advs. For the Respondents : Manas Tripathi, Adv. ORDER Abni Ranjan Kumar Sinha, Member (J) 1. This matter was heard on 31.01.2022 and when the erstwhile IRP declined to act as Liquidator then the order was reserved for appointment of Liquidator. 2. Before passing any order, we would like to refer Section 34 of IBC, 20....

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....ard of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator. (3) The personnel 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 i....

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....section (4), the Adjudicating Authority may direct the Board to propose the name of another insolvency professional to be appointed as a liquidator. (6) The Board shall propose the name of another insolvency professional [along with written consent from the insolvency professional in the specified form,] within ten days of the direction issued by the Adjudicating Authority under sub-secti....

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....f IBC, then the Resolution Professional appointed for the CIRP shall act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4) of Section 34 of IBC 2016. His appointment is subject to condition that the Resolution Professional is required to submit a written consent for his appointment as Liquidator. Here in the case in hand, the IRP ....