Powers and duties of Liquidator [ Section 35 ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....necessary; * (e) to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary; * (f) subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by * public auction or private contract, * with power to transfer such property to any person or body corporate, or * to sell the same in parcels in such manner as may be specified: * Provided that the liquidator shall not sell the immovable and movable property or actionable claims of the corporate debtor in liquidation to any person who is not eligible to be a resolution applicant. * (g) to draw, accept, make and endorse any negotiable instruments including bill of exch....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator; * (n) to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to report the progress of the liquidation process in a manner as may be specified by the Board; and * (o) to perform such other functions as may be specified by the Board. Reporting Regulation 5 of the IBBI (Liquidation Process) Regulations, 2016 provides that * The liquidator shall prepare and submit to the Adjudicating Authority in the manner specified under these Regulations. [ Sub - regulat....