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of <h1>Liquidator's Powers and Duties in Voluntary Winding Up Defined by Section 512 of Companies Act, 1956</h1> In a voluntary winding up, a liquidator has specific powers and duties under Section 512 of the Companies Act, 1956. With the necessary sanction, the liquidator can exercise powers similar to those in a Tribunal-led winding up, such as settling contributories' lists and making calls. They can also call general meetings and must pay the company's debts while adjusting contributories' rights. The liquidator's actions are subject to Tribunal control, and creditors or contributories can challenge these actions. If multiple liquidators are appointed, powers can be exercised by any designated number, not fewer than two.
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