valid as on 17/12/2018

Section 275. Company Liquidators and their appointments
Effective from 15-12-2016

(1) For the purposes of winding up of a  by the , the Tribunal at the time of the passing of the order of winding up, shall appoint an or a liquidator from the panel maintained under sub-section (2) as the .

 

(2) The provisional liquidator or the Company Liquidator, as the case may be, shall be appointed from a panel maintained by the Central Government consisting of the names of , advocates, company secretaries, cost accountants or firms or bodies corporate having such chartered accountants, advocates, company secretaries, cost accountants and such other professionals as may be notified by the Central Government or from a firm or a body corporate of persons having a combination of such professionals as may be prescribed and having at least ten years’ experience in company matters.

(3) Where a provisional liquidator is appointed by the Tribunal, the Tribunal may limit and restrict his powers by the order appointing him or it or by a subsequent order, but otherwise he shall have the same powers as a liquidator.

(4) The Central Government may remove the name of any person or firm or body corporate from the panel maintained under sub-section (2) on the grounds of misconduct, fraud, misfeasance, breach of duties or professional incompetence:
Provided that the Central Government before removing him or it from the panel shall give him or it a reasonable opportunity of being heard.  

(5) The terms and conditions of appointment of a provisional liquidator or Company Liquidator and the fee payable to him or it shall be specified by the Tribunal on the basis of task required to be performed, experience, qualification of such liquidator and size of the company.

(6) On appointment as provisional liquidator or Company Liquidator, as the case may be, such liquidator shall file a declaration within seven days from the date of appointment in the prescribed form disclosing conflict of interest or lack of independence in respect of his appointment, if any, with the Tribunal and such obligation shall continue throughout the term of his appointment.

(7) While passing a winding up order, the Tribunal may appoint a provisional liquidator, if any, appointed under clause (c) of sub-section (1) of section 273, as the Company Liquidator for the conduct of the proceedings for the winding up of the company.

2(20) Company means a company incorporated under this Act or under any previous company law
2(90) Tribunal means the National Company Law Tribunal constituted under section 408
2(61) Official Liquidator means an Official Liquidator appointed under sub-section (1) of section 359
2(23) Company Liquidator  means a person appointed by the Tribunal as the Company Liquidator in accordance with the provisions of section 275 for the winding up of a company under this Act.
Substituted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment,Click Here
2(17) Chartered Accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 of that Act
Omitted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment,Click Here

Amendments to Companies Act, 2013 vide Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016


Enforcement Notification S.O. 3677(E) dated 07/12/2016


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