New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    When can the Adjudicatory Authority order the

    replacement of the resolution professional to act as the liquidator?
    A Resolution professional fails to submit written consent as required Correct Answer Incorrect Answer
    B Resolution plan submitted by the resolution professional was rejected for failure to meet the requirements Correct Answer Incorrect Answer
    C Board recommends the replacement of a resolution professional to the Adjudicating Authority Correct Answer Incorrect Answer
    D All a, b or c Correct Answer Incorrect Answer
    E Either a, b or c Correct Answer Incorrect Answer

    Solution

    Section 34-Appointment of liquidator and fee to be paid: (4) The Adjudicating Authority shall by order replace the resolution professional, if— (a) the resolution plan submitted by the resolution professional under section 30 was rejected for failure 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 in writing in; or (c) the resolution professional fails to submit written consent under sub-section (1).

    Practice Next

    Relevant for Exams: