(c) the resolution professional fails to submit written consent under sub-section (1).] — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

[(c) the resolution professional fails to submit written consent under sub-section (1).]

4 [(c) the resolution professional fails to submit written consent under sub-section (1).] (5) For the purposes of 5 [clauses (a) and (c)] of sub-section (4), the Adjudicating Authority may direct the Board to propose the name of another insolvency professional to be appointed as a liquidator. (6) The Board shall propose the name of another insolvency professional 3 [along with written consent from the insolvency professional in the specified form,] within ten days of the direction issued by the Adjudicating Authority under sub-section (5). (7) The Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an insolvency professional as liquidator, by an order appoint such insolvency professional as the liquidator. (8) An insolvency professional proposed to be appointed as a liquidator shall charge such fee for the conduct of the liquidation proceedings and in such proportion to the value of the liquidation estate assets, as may be 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.

Section 4