Appointment of Liquidator and fee to be paid.

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..... 7[or for the pre-packaged insolvency resolution process under Chapter III-A] shall, subject to submission of a written consent by the resolution professional to the Adjudicatory Authority in specified form,] act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4). (2) On the appointment of a liquidator under this section, all power .....

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..... to meet the requirements mentioned in sub-section (2) of section 30; or (b) the Board recommends the replacement of a resolution professional to the Adjudicating Authority for reasons to be recorded 2[in writing; or]. 3[(c) the resolution professional fails to submit written consent under sub-section (1)] (5) For the purposes of 4[clauses (a) and (c)] of sub-section (4), the Adjudicating Autho .....

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..... specified by the Board. (9) The fees for the conduct of the liquidation proceedings under sub-section (8) shall be paid to the liquidator from the proceeds of the liquidation estate under section 53. ******* Notes 1. Substituted vide Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 w.e.f. 06-06-2018 before it was read as "Chapter II shall" 2. Substituted vide Insolvency a .....

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