Intimation to liquidator requires notice to liquidators and the registrar and constitution of a winding up committee to oversee liquidation. The Tribunal must promptly intimate appointments of provisional liquidators or winding up orders to the Company Liquidator and Registrar, who shall endorse records and publish notice; winding up orders act as notices of discharge to staff unless business continues. The Company Liquidator must apply for constitution of a winding up committee comprising the Official Liquidator, a secured creditors' nominee and a Tribunal nominated professional; the committee assists and monitors asset recovery, statements of affairs, audits, sales, creditor lists, settlements, dividend payments and other Tribunal directed liquidation functions, and the liquidator must submit monthly reports, a committee approved draft final report and the approved final report to the Tribunal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Intimation to liquidator requires notice to liquidators and the registrar and constitution of a winding up committee to oversee liquidation.
The Tribunal must promptly intimate appointments of provisional liquidators or winding up orders to the Company Liquidator and Registrar, who shall endorse records and publish notice; winding up orders act as notices of discharge to staff unless business continues. The Company Liquidator must apply for constitution of a winding up committee comprising the Official Liquidator, a secured creditors' nominee and a Tribunal nominated professional; the committee assists and monitors asset recovery, statements of affairs, audits, sales, creditor lists, settlements, dividend payments and other Tribunal directed liquidation functions, and the liquidator must submit monthly reports, a committee approved draft final report and the approved final report to the Tribunal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.