275. Company Liquidators and their appointments
(1) For the purposes of winding up of a company by the Tribunal, the Tribunal at
the time of the passing of the order of winding up, shall appoint an Official Liquidator or a
liquidator from the panel maintained under sub-section (2) as the Company Liquidator.
(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
chartered accountants, 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.