Regulation 4

(1) The corporate person shall from the liquidation commencement date cease to carry on its business except as far as required for the beneficial winding up of its business. (2) Notwithstanding the provisions of sub-section (1), the corporate person shall continue to exist until it is dissolved under section 59(8). 5. 11 [Appointment of liquidator. (1) Subject to regulation 6, the corporate person shall appoint an insolvency professional as liquidator, and, wherever required, may replace him by appointing another insolvency professional as liquidator, by a resolution passed under clause (c) of sub-section (3) of section 59 or clause (c) of sub-regulation (1) of regulation 3, as the case may be: Provided that such resolution shall contain the terms and conditions of appointment of the liquidator, including the remuneration payable to him. 10 Ins. by Notification No. IBBI/2022-23/GN/REG095, dated 16th September, 2022, (w.e.f. 16.09.2022). 11 Substituted by Notification No. IBBI/2020-21/GN/REG.063, dated 5th August, 2020 (w.e.f. 05-08- 2020). Before substitution, it stood as: “5. Appointment of Liquidator. (1) An insolvency professional shall not be appointed by a corporate person if he is not eligible under Regulation 6. (2) The resolution passed under regulation 3(2)(c) or under section 59(3)(c), as the case may be, shall contain the terms and conditions of the appointment of the liquidator, including the remuneration payable to him."

(2) The insolvency professional shall, within 12 [seven] days of his appointment as liquidator, intimate the Board about such appointment.]