New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Where the Adjudicating Authority passes an order for

    liquidation of the corporate debtor the resolution professional appointed for the __________ shall act as the liquidator for the purposes of liquidation
    A Liquidation process Correct Answer Incorrect Answer
    B Corporate insolvency resolution process Correct Answer Incorrect Answer
    C Pre-packaged insolvency resolution process Correct Answer Incorrect Answer
    D Either a or b Correct Answer Incorrect Answer
    E Either b or c Correct Answer Incorrect Answer

    Solution

    IBC Section 34-Appointment of liquidator and fee to be paid: (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 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).

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