20.1.39- Companies (Winding Up) Rules, 2020

39. Company Liquidator and members of advisory committee dealing with company’s assets.- Neither the Company Liquidator nor any member of the advisory committee shall, while acting as such liquidator or member of such committee in any winding up, either directly or indirectly, by himself or through his employer, partner, clerk, agent, servant, or relative, become purchaser of any part of the company’s assets, except by leave of the Tribunal and any such purchase made contrary to the provisions of this rule may be set aside by the Tribunal on the application of the said liquidator or of a creditor or contributory, as the case may be, and the Tribunal may make such order as to costs as it may think fit.