What do you mean by 'Liquidator' and 'Liquidation Estate' under Insolvency and Bankruptcy Code (IBC), 2016 ?

Liquidator According to section 5(18) of the Insolvency and Bankruptcy Code, 2016, a "liquidator" means an insolvency professional appointed as a liquidator in accordance with the provisions of Chapter III (A Pre-Packaged Insolvency Resolution Process) or Chapter V (Voluntary Liquidation of Corporate Persons) of Part II, as the case may be. Further, Section 34 of the the Insolvency and Bankruptcy Code, 2016 provides the provisions for the appointment of liquidator and the fees to be paid to him. Section 35 provides a non-exhaustive list of powers and duties of the liquidator to ensure orderly completion of the liquidation proceedings. Liquidation Estate Section 36 of the Insolvency and Bankruptcy Code, 2016 provides for the creation of a liquidation estate comprising the assets of the corporate debtor as set out in section 36(3). Section 36 also lists out the assets which are to be excluded from the liquidation estate. The Central Government has been given the power to notify assets, in consultation with the appropriate financial sector regulators, which will be excluded from the estate in the interest of efficient functioning of the financial markets. Section 36(2) further provides that the liquidator shall hold the liquidation estate as a fiduciary for the benefit of all the creditors.