Company Liquidator appointment: previously required panel selection, creditors' approval, fee resolution and conflict-of-interest declaration within prescribed period. Prior to its omission, Section 310 required the company in general meeting to appoint a Company Liquidator from a Central Government panel and recommend the fee; where creditors had resolved for winding up, the appointment was effective only with majority-in-value creditor approval, failing which creditors could appoint another liquidator. Creditors were to resolve on the liquidator's fee. On appointment the liquidator had to file a prescribed declaration within seven days disclosing any conflict of interest or lack of independence, continuing throughout the term of appointment.
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Company Liquidator appointment: previously required panel selection, creditors' approval, fee resolution and conflict-of-interest declaration within prescribed period.
Prior to its omission, Section 310 required the company in general meeting to appoint a Company Liquidator from a Central Government panel and recommend the fee; where creditors had resolved for winding up, the appointment was effective only with majority-in-value creditor approval, failing which creditors could appoint another liquidator. Creditors were to resolve on the liquidator's fee. On appointment the liquidator had to file a prescribed declaration within seven days disclosing any conflict of interest or lack of independence, continuing throughout the term of appointment.
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