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

5.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 Appointment of liquidator.

(1)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 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:

ProvidedSubstituted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 dated 05.08.2020. To view the notification, Click Here that such resolution shall contain the terms and conditions of appointment of the liquidator, including the remuneration payable to him.

(2)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 The insolvency professional shall, within  sevenSubstituted vide the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 dated 05.04.2022. To view the Notification, Click Here. 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.