310. Appointment of Company Liquidator
(1) The company in its general meeting, where a resolution of voluntary winding
up is passed, shall appoint a Company Liquidator from the panel prepared by the Central
Government for the purpose of winding up its affairs and distributing the assets of the
company and recommend the fee to be paid to the Company Liquidator.
(2) Where the creditors have passed a resolution for winding up the company under
sub-section (3) of section 306, the appointment of the Company Liquidator under this section
shall be effective only after it is approved by the majority of creditors in value of the company:
Provided that where such creditors do not approve the appointment of such Company
Liquidator, creditors shall appoint another Company Liquidator.
(3) The creditors while approving the appointment of Company Liquidator appointed
by the company or appointing the Company Liquidator of their own choice, as the case may
be, pass suitable resolution with regard to the fee of the Company Liquidator.
(4) On appointment as Company Liquidator, such liquidator shall file a declaration in
the prescribed form within seven days of the date of appointment disclosing conflict of
interest or lack of independence in respect of his appointment, if any, with the company and
the creditors and such obligation shall continue throughout the term of his or its appointment.