(1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under Chapter II 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 the liquidator, all powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator.
(3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by the liquidator in managing the affairs of the corporate debtor in such manner as may be specified.
(4) The committee of creditors may, by a vote of sixty-six per cent. of the voting shares, propose to replace the resolution professional appointed as the liquidator with an insolvency professional, in the manner as may be specified.
(5) The Adjudicating Authority may, on an application of the committee of creditors, direct the Board to propose a liquidator where—
- the resolution professional fails to submit his written consent under sub-section (1); or
- the committee of creditors fails to propose a replacement under sub-section (4).
(6) The fee to be paid to the liquidator shall be determined by the committee of creditors.