Section - 513 - Companies Act, 1956

Section - 513 - Body corporate not to be appointed as liquidator

Body corporate not to be appointed as liquidator.

513. (1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up.

(2) Any appointment made in contravention of sub-section (1) shall be void.

(3) Any body corporate which acts as liquidator of a company, and every director

[***] or a manager thereof, shall be punishable with fine which may extend to

[ten] thousand rupees :

[Provided that, notwithstanding anything contained in any other law for the time being in force, a body corporate consisting of such professionals as may be approved by the Central Government from time to time, shall be qualified for appointment as Official Liquidator under