Removal of liquidator: authority may remove or replace liquidators for misconduct and recover losses while ensuring hearing rights. The rule empowers the adjudicatory authority to remove or replace a provisional or appointed liquidator for misconduct, fraud or misfeasance, professional incompetence or failure to exercise due care and diligence, inability to act, and conflict of interest or lack of independence, with reasons to be recorded in writing. The authority may transfer work on any vacancy to another liquidator and may recover losses from a liquidator responsible for loss or damage due to fraud, misfeasance or lack of due care, after providing the liquidator a reasonable opportunity of being heard.
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.
Removal of liquidator: authority may remove or replace liquidators for misconduct and recover losses while ensuring hearing rights.
The rule empowers the adjudicatory authority to remove or replace a provisional or appointed liquidator for misconduct, fraud or misfeasance, professional incompetence or failure to exercise due care and diligence, inability to act, and conflict of interest or lack of independence, with reasons to be recorded in writing. The authority may transfer work on any vacancy to another liquidator and may recover losses from a liquidator responsible for loss or damage due to fraud, misfeasance or lack of due care, after providing the liquidator a reasonable opportunity of being heard.
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