valid as on 21/10/2020

2.9.5:Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

Appointment of liquidator.

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:

that such resolution shall contain the terms and conditions of appointment of the liquidator, including the remuneration payable to him.

The insolvency professional shall, within three days of his appointment as liquidator, intimate the Board about such appointment.

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.

Substituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020. To view the notification, Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020. To view the notification, Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020. To view the notification, Click Here
Substituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020. To view the notification, Click Here

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020


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