259. Appointment of administrator
(1) The interim administrator or the company administrator, as the case may be,
shall be appointed by the Tribunal from a databank maintained by the Central Government or
any institute or agency authorised by the Central Government in a manner as may be
prescribed consisting of the names of company secretaries, chartered accountants, cost
accountants and such other professionals as may, by notification, be specified by the Central
Government.
(2) The terms and conditions of the appointment of interim and company administrators
shall be such as may be ordered by the Tribunal.
(3) The Tribunal may direct the company administrator to take over the assets or
management of the company and for the purpose of assisting him in the management of the
company, the company administrator may, with the approval of the Tribunal, engage the
services of suitable expert or experts.