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<h1>Liquidator Duties: Settle Claims, Distribute Assets per IBC Section 53, Prioritize Creditors, Follow Order, Ensure Compliance</h1> The liquidator's primary responsibility is to settle creditors' claims and distribute proceeds per the Insolvency and Bankruptcy Code (IBC). Upon consolidating claims, the liquidator forms a liquidation estate and sells assets, distributing proceeds in a specified order: insolvency and liquidation costs, workmen's dues, employee wages, unsecured creditors, government dues, remaining debts, preference shareholders, and equity shareholders. Contractual arrangements disrupting this order are disregarded. Liquidators must open a bank account for transactions and can distribute unsold assets with adjudicating authority permission. Stakeholders must return any undue distributions. Relevant case laws illustrate the application and interpretation of Section 53 of the IBC.
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