Liquidator powers in liquidation include asset control, claims settlement, litigation, and supervised distribution of proceeds. The liquidator, subject to the directions of the Adjudicating Authority, has comprehensive powers to take custody of the corporate debtor's assets, evaluate and preserve them, carry on business where necessary, sell property, settle claims, distribute proceeds, and conduct litigation in liquidation. The liquidator may also pursue avoidance transactions or fraudulent or wrongful trading, obtain professional assistance, apply for orders, report progress, and perform other functions specified by the Board, while the committee of creditors supervises the liquidation process. A transitional explanation limits the application of certain amended provisions to liquidation and voluntary liquidation processes initiated after the commencement of the 2026 amendment.
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.
Liquidator powers in liquidation include asset control, claims settlement, litigation, and supervised distribution of proceeds.
The liquidator, subject to the directions of the Adjudicating Authority, has comprehensive powers to take custody of the corporate debtor's assets, evaluate and preserve them, carry on business where necessary, sell property, settle claims, distribute proceeds, and conduct litigation in liquidation. The liquidator may also pursue avoidance transactions or fraudulent or wrongful trading, obtain professional assistance, apply for orders, report progress, and perform other functions specified by the Board, while the committee of creditors supervises the liquidation process. A transitional explanation limits the application of certain amended provisions to liquidation and voluntary liquidation processes initiated after the commencement of the 2026 amendment.
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