A solvent company that has committed no default decides to liquidate itself voluntarily under section 59 of the Insolvency and Bankruptcy Code, 2016. Who appoints the insolvency professional who…

Section 59(3)(c) of the Insolvency and Bankruptcy Code, 2016 requires a resolution of the members in general meeting that both requires voluntary liquidation and appoints an insolvency professional as liquidator. Creditors holding two-thirds in value of the debt, where the company owes any debt, only approve that members' resolution within seven days; they do not make the appointment. The directors' role is the declaration of solvency, and the Adjudicating Authority comes in only at dissolution.