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CS Professional · Corporate Restructuring, Valuation and Insolvency · Liquidation on or after Failing of Resolution Plan

The Adjudicating Authority directs the Board under section 34(5) to propose a replacement liquidator for Sundaram Plastics Ltd. By when must the Board propose the name, and what must accompany it?

The Board must propose the name within ten days of the Adjudicating Authority's direction, accompanied by the proposed insolvency professional's written consent in the specified form, as section 34(6) provides. The Authority then appoints that professional as liquidator by order.

  1. AWithin ten days of the direction, along with the professional's written consent in the specified formCorrect
  2. BWithin thirty days, along with a security deposit
  3. CWithin seven days, with the committee of creditors' approval
  4. DWithin ninety days, with the written consent of the corporate debtor's directors

Explanation

Section 34(6) requires the Board to propose another insolvency professional within ten days of the direction, with written consent from that professional in the specified form. The other options invent periods or accompanying documents not found in the text.

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