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 .]
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