Appointment of Company Liquidator: Tribunal selects from government panel and requires declaration of conflicts and specified terms. The Tribunal shall appoint an Official Liquidator or a Company Liquidator from a Central Government panel when passing a winding up order; the panel comprises specified professionals or firms meeting prescribed experience and qualifications. The Tribunal may limit a provisional liquidator's powers but otherwise a provisional liquidator has the same powers as a liquidator. The Central Government may remove panel names for misconduct after a reasonable opportunity to be heard. The Tribunal fixes terms, conditions and fees, and appointees must file a prescribed declaration within seven days disclosing conflicts of interest and lack of independence, continuing throughout the appointment.
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Provisions expressly mentioned in the judgment/order text.
Appointment of Company Liquidator: Tribunal selects from government panel and requires declaration of conflicts and specified terms.
The Tribunal shall appoint an Official Liquidator or a Company Liquidator from a Central Government panel when passing a winding up order; the panel comprises specified professionals or firms meeting prescribed experience and qualifications. The Tribunal may limit a provisional liquidator's powers but otherwise a provisional liquidator has the same powers as a liquidator. The Central Government may remove panel names for misconduct after a reasonable opportunity to be heard. The Tribunal fixes terms, conditions and fees, and appointees must file a prescribed declaration within seven days disclosing conflicts of interest and lack of independence, continuing throughout the appointment.
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