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of <h1>Liquidator Must Follow Creditor Directions in Asset Distribution Under Section 460, Appeals Possible for Aggrieved Parties</h1> Under Section 460 of the Companies Act, 1956, the liquidator must consider directions from creditors or contributories during asset administration and distribution in a company winding up. Directions from general meetings of creditors or contributories take precedence over those from the committee of inspection in case of conflict. The liquidator can summon meetings to gauge their wishes and must do so upon request by a specified fraction of creditors or contributories. The liquidator may seek guidance from the Tribunal on specific matters and has discretion in asset management. Aggrieved parties can appeal the liquidator's actions to the Tribunal, which can alter decisions as deemed just.
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