valid as on 26/02/2024

Section 276. Removal and replacement of liquidator
Effective from 15-12-2016

(1) The may, on a reasonable cause being shown and for reasons to be recorded in writing, remove the provisional liquidator or the , as the case may be, as liquidator of the  on any of the following grounds, namely:—

(a) misconduct;
(b) fraud or misfeasance;
(c) professional incompetence or failure to exercise due care and diligence in performance of the powers and functions;
(d) inability to act as provisional liquidator or as the case may be, Company Liquidator;
(e) conflict of interest or lack of independence during the term of his appointment that would justify removal.

(2) In the event of death, resignation or removal of the provisional liquidator or as the case may be, Company Liquidator, the Tribunal may transfer the work assigned to him or it to another Company Liquidator for reasons to be recorded in writing.

(3) Where the Tribunal is of the opinion that any liquidator is responsible for causing any loss or damage to the company due to fraud or misfeasance or failure to exercise due care and diligence in the performance of his or its powers and functions, the Tribunal may recover or cause to be recovered such loss or damage from the liquidator and pass such other orders as it may think fit.

(4) The Tribunal shall, before passing any order under this section, provide a reasonable opportunity of being heard to the provisional liquidator or, as the case may be, Company Liquidator.

2(90) Tribunal means the National Company Law Tribunal constituted under section 408
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.
2(20) Company means a company incorporated under this Act or under any previous company law

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

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