2.9.5:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
Subject to regulation 6, the corporate person shall appoint an insolvency professional as liquidator, and, wherever required, may replace him by appointing another insolvency professional as liquidator, by a resolution passed under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, as the case may be:
5. Appointment of Liquidator. (1) An insolvency professional shall not be appointed by a corporate person if he is not eligible under Regulation 6. (2) The resolution passed under regulation 3(2)(c) or under section 59(3)(c), as the case may be, shall contain the terms and conditions of the appointment of the liquidator, including the remuneration payable to him.