Regulation 5 - Appointment of Liquidator - Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017

CHAPTER III APPOINTMENT AND REMUNERATION OF LIQUIDATOR 1 [ 5. Appointment of liquidator. (1) 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: Provided that such resolution shall contain the terms and conditions of appointment of the liquidator, including the remuneration payable to him. (2) The insolvency professional shall, within 2 [ seven ] days of his appointment as liquidator, intimate the Board about such appointment. ] ************* NOTES:- 1. Substituted vide Notification No. IBBI/2020-21/GN/REG.063 dated 05-08-2020 before it was read as Appointment of Liquidator 5. (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. 2. Substituted vide F. No. IBBI/2022-23/GN/REG.081 dated 05-04-2022 before it was read as, three