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<h1>Section 314 of Companies Act, 2013, on Company Liquidator duties in voluntary winding up, removed by Insolvency and Bankruptcy Code, 2016.</h1> Section 314 of the Companies Act, 2013, which outlined the powers and duties of a Company Liquidator during voluntary winding up, was omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it required the Liquidator to perform functions as determined by the company or creditors, settle contributories' lists, call general meetings, maintain books of account, prepare and file quarterly audited statements, pay company debts, and adjust contributories' rights. Non-compliance with these duties, except for filing statements, could result in fines up to ten lakh rupees.