Question

Which is correct statement with respect to Liquidation

Q: Answer-Which is correct statement with respect to Liquidation Estate?

IBC, Section 36-Liquidation estate- 1 For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub-section 3, which will be called the liquidation estate in relation to the corporate debtor. 2 The liquidator shall hold the liquidation estate as a fiduciary for the benefit of all the creditors.

Estate?

A Liquidator forms the liquidation estate

B Liquidator holds the liquidation estate as a fiduciary for the benefit of all the creditors

C Liquidation estate consists of the assets owned by a third party which are in possession of the corporate debtor

D All the above

E Both (a) & (b)

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Which is correct statement with respect to Liquidation

Solution