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of <h1>Liquidator Powers in Winding Up: Section 546 Companies Act 1956 Details Payment, Compromise, and Tribunal Oversight.</h1> Section 546 of the Companies Act, 1956, outlines the powers of a liquidator during the winding-up process. The liquidator can, with the Tribunal's sanction or a special resolution in voluntary winding up, pay creditors in full, make compromises with creditors, or settle liabilities. In Tribunal-led winding up, the Supreme Court may allow the liquidator to exercise certain powers without Tribunal sanction under specified conditions. In voluntary winding up, the liquidator's actions are subject to Tribunal control. Creditors or contributories can apply to the Tribunal regarding the exercise of these powers.
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