Liquidator powers under insolvency law secure asset custody, creditor claim verification and regulated asset disposal during liquidation. Under Section 35, the liquidator, subject to the Adjudicating Authority, may verify creditor claims; take custody, evaluate, preserve and, if necessary, ... Summary
Liquidator powers under insolvency law secure asset custody, creditor claim verification and regulated asset disposal during liquidation.
Under Section 35, the liquidator, subject to the Adjudicating Authority, may verify creditor claims; take custody, evaluate, preserve and, if necessary, continue business operations of the corporate debtor; sell assets by auction or contract subject to purchaser eligibility; draw and endorse negotiable instruments; obtain letters of administration; engage professionals; invite and settle claims; institute or defend proceedings; and investigate for undervalued or preferential transactions. Regulation 5 requires preparation and submission of specified reports and preservation of records for eight years, with report access to stakeholders on application, cost payment and confidentiality undertaking.
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