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CS Professional · Insolvency and Bankruptcy - Law and Practice · Liquidation of Corporate Person

The Adjudicating Authority replaces the resolution professional of Sagar Ceramics Ltd as liquidator because he failed to submit written consent, and directs the Board to propose another insolvency professional. Within what time must the Board propose the name, with the professional's written consent?

The Board must propose the name within ten days of the Adjudicating Authority's direction, along with the insolvency professional's written consent in the specified form. This follows section 34(6), after which the Adjudicating Authority appoints the proposed person as liquidator by order.

  1. ASeven days of the direction
  2. BFifteen days of the direction
  3. CThirty days of the direction
  4. DTen days of the directionCorrect

Explanation

Section 34(6) requires the Board to propose the name of another insolvency professional, along with written consent in the specified form, within ten days of the direction under section 34(5). The Adjudicating Authority then appoints that person under section 34(7).

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