Search results
People also ask
What are the powers and duties of a liquidator in India?
What are the powers of a company liquidator?
What are the duties of a liquidator?
What are the powers and duties of a liquidator under Companies Act 2013?
In India, the powers and duties of the liquidator are governed by the Companies Act, of 2013, and the Insolvency and Bankruptcy Code, of 2016. In this article, we will discuss the powers and duties of a liquidator in India. Who is a Liquidator?
- Duty to Investigate Into The Affairs of A Company from Its Inception
- Duty to Recover and Realize The Company’S Assets
- Duty to Form Winding Up Committee and to Make Reports
- Peripheral Duties of A Liquidator
- Conclusion
The liquidator has a duty to examine the conduct of the company’s present and past officers and to see if they are guilty of any unlawful conduct in handling the company’s affairs. The liquidator may obtain all the necessary information which he reasonably requires in the course of winding up and accordingly all officers of the company are bound to...
The foremost duty of a liquidator is that of the recovery and realization of the assets of the company. All his powers are designed to ensure the effective discharge of this duty. As given in Section 277 (5) (iii), this is the fundamental duty of a liquidator. The liquidator must recover the assets of the company for the benefit of it’s creditors a...
It is the duty of the company liquidator, within 3 weeks from the date of passing of winding up order, to make an application to the tribunal for the constitution of a winding up committee under Section 277 (4). The winding up committee shall comprise of the following persons: 1. Official liquidator attached to the tribunal; 2. Nominee of secured c...
To Act Impartially A Liquidator is accountable to the court, to the creditors and to the shareholders as well. It is his duty to maintain an even and impartial hand among all the persons whose interest are involved in the winding up proceedings of the company. It is also his duty to make himself thoroughly acquainted with the state of affairs of th...
A liquidator is an agent of the company, while a Court-appointed liquidator is, in addition, an officer of the Court, having a duty to act responsibly. He is accountable to the creditors, to the shareholders and also to the court. The liquidator has a fiduciary relationship with the company as well as its shareholders and is generally obliged to ma...
- Sylvine
Section 35 of the Code enumerates the Powers and Duties of the Liquidator which includes the following:-. to verify claims of all the creditors and consolidate them; to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
POWERS AND DUTIES OF COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power— (a) to carry on the business of the company so far as may.
Aug 21, 2023 · The liquidator holds significant powers, including gathering and selling company assets, settling debts, and distributing remaining funds to shareholders. Moreover, they bear the responsibility of ensuring fair treatment to all parties involved and conducting investigations if any misconduct is suspected.
Aug 12, 2024 · Section 290-Powers And Duties Of Company Liquidator. (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power—. (a) to carry on the business of the company so far as may be necessary for the beneficial winding up of the company;
Sep 21, 2024 · What are the powers and duties of a liquidator as mentioned under section 35 of IBC? Verify and consolidate all creditor claims. Take control of the corporate debtor’s assets, property, effects, and actionable claims.
