Resignation of a liquidator

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VISHNU PRIYA

VISHNU PRIYA (Querist)
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28 August 2013 What is the Procedure for Resignation of a Liquidator?

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Ajay Mishra

Ajay Mishra (Expert)
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28 August 2013 Hi

Where in a voluntary winding up there is no Liquidator acting due to any reason whatsoever, the Court/Tribunal may appoint the Official Liquidator or any other person as the liquidator. On a cause being shown, the Court/Tribunal may remove a liquidator and appoint the Official Liquidator or any other person as the liquidator. The Registrar may also apply to the Court/Tribunal in this regard. If the Official Liquidator is appointed as liquidator under the proviso to sub-section (2) of section 502 or section 515, the remuneration shall be fixed by the Court/Tribunal and shall be credited to the Central Government.

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