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of <h1>Companies in Voluntary Winding Up Must Appoint Liquidator from Government Panel; Creditors Can Override with Majority Approval</h1> In a voluntary winding up, a company must appoint a Company Liquidator during its general meeting from a panel prepared by the Central Government, and recommend the liquidator's fee. If creditors initiate the winding up, the liquidator's appointment requires majority creditor approval. Should creditors disapprove, they may appoint an alternative liquidator and set the fee. Upon appointment, the liquidator must file a declaration within seven days disclosing any conflicts of interest or lack of independence, maintaining this obligation throughout their term.
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