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of <h1>Liquidator Duties Defined: Companies Act Rules on Summary Liquidation and Financial Thresholds for Eligibility Explained.</h1> The Official Liquidator is empowered to perform duties as outlined in the Companies Act and related rules. Companies eligible for summary liquidation are classified based on financial thresholds, such as deposits not exceeding twenty-five lakh rupees, loans not exceeding fifty lakh rupees, turnover up to fifty crore rupees, or paid-up capital not exceeding one crore rupees. The Liquidator must maintain records per specified rules and follow procedures for account filing, asset disposal, and creditor claims, with modifications substituting 'Tribunal' with 'Central Government.' Funds received are to be deposited in the Reserve Bank of India promptly. In the absence of specific rules, other applicable rules may be adapted.
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