The Tribunal shall appoint an Official Liquidator to wind up the company's affairs. The Liquidator has powers to carry on the company's business, execute documents on its behalf, sell assets, raise money, file lawsuits, invite and settle claims from creditors and employees, inspect records, and avoid fraudulent transfers. Additional powers like appointing assistants or compromising debts require Tribunal approval.

1. Appointment & Powers of
Liquidator

2. Appointment of Liquidator
• Tribunal shall appoint an OFFICIAL LIQUIDATOR
• The terms and conditions of appointment as well as the remuneration
shall be specified by the tribunal, on the basis of task, qualifications,
size etc.

3. Powers of Liquidator
• To carry on the business
• To do all acts and execute, in the name and on behalf of the company
• To sell Immovable and movable property
• To raise money, if required
• To institute or defend any suit
• To invite and settle claim of creditors, employees or any other
• To inspect the records
• To avoid fraudulent Preferences

4. Powers after taking approval from Tribunal
• Appoint one or more CA or CS for assistance
• To disclaim any property that has become a liability instead of an
asset
• To pay any class of creditors in full and compromise others
• To compromise calls, debts and other liabilities