277. Intimation to Company Liquidator, provisional liquidator and Registrar
(1) Where the Tribunal makes an order for appointment of provisional liquidator
or for the winding up of a company, it shall, within a period not exceeding seven days from
the date of passing of the order, cause intimation thereof to be sent to the Company Liquidator
or provisional liquidator, as the case may be, and the Registrar.
(2) On receipt of the copy of order of appointment of provisional liquidator or winding
up order, the Registrar shall make an endorsement to that effect in his records relating to the
company and notify in the Official Gazette that such an order has been made and in the case
of a listed company, the Registrar shall intimate about such appointment or order, as the case
may be, to the stock exchange or exchanges where the securities of the company are listed.
(3) The winding up order shall be deemed to be a notice of discharge to the officers,
employees and workmen of the company, except when the business of the company is
continued.
(4) Within three weeks from the date of passing of winding up order, the Company
Liquidator shall make an application to the Tribunal for constitution of a winding up committee
to assist and monitor the progress of liquidation proceedings by the Company Liquidator in
carrying out the function as provided in sub-section (5) and such winding up committee
shall comprise of the following persons, namely:—
(i) Official Liquidator attached to the Tribunal;
(ii) nominee of secured creditors; and
(iii) a professional nominated by the Tribunal.
(5) The Company Liquidator shall be the convener of the meetings of the winding up
committee which shall assist and monitor the liquidation proceedings in following areas of
liquidation functions, namely:—
(i) taking over assets;
(ii) examination of the statement of affairs;
(iii) recovery of property, cash or any other assets of the company including
benefits derived therefrom;
(iv) review of audit reports and accounts of the company;
(v) sale of assets;
(vi) finalisation of list of creditors and contributories;
(vii) compromise, abandonment and settlement of claims;
(viii) payment of dividends, if any; and
(ix) any other function, as the Tribunal may direct from time to time.
(6) The Company Liquidator shall place before the Tribunal a report along with minutes
of the meetings of the committee on monthly basis duly signed by the members present in
the meeting for consideration till the final report for dissolution of the company is submitted
before the Tribunal.
(7) The Company Liquidator shall prepare the draft final report for consideration and
approval of the winding up committee.
(8) The final report so approved by the winding up committee shall be submitted by
the Company Liquidator before the Tribunal for passing of a dissolution order in respect of
the company.