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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Liquidator Needs Tribunal Approval for Key Actions in Winding Up; Central Government May Allow Some Powers Without Sanction.</h1> The Company Liquidator can exercise specific powers during a company's winding up, subject to Tribunal sanction. In Tribunal-led winding up, the Liquidator needs Tribunal approval to pay creditors, make arrangements with creditors, or settle debts and liabilities. In voluntary winding up, a special resolution and Tribunal approval are required. The Central Government may allow the Liquidator to exercise certain powers without Tribunal sanction under prescribed conditions. Creditors or contributors can appeal to the Tribunal regarding the Liquidator's actions, and the Tribunal will decide after considering the parties involved.
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