Appointment of Liquidators

OBJECTIVE

Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.

1. Appointment of Liquidators CS Meenakshi Jayaraman

2. Credits and Acknowledgments Sundar Rajan S

3. Legends used in the Presentation Act Companies Act, 2013 Adjudicating Authority/ NCLT/ Tribunal National Company Law Tribunal Board Insolvency and Bankruptcy Board of India CG Central Government IBC Insolvency and Bankruptcy Code

4. Presentation Schema

5. Meaning of relevant terms

6. Company Liquidators and Their Appointments – Section 275 of the Act Section 275(2) The provisional liquidator or the Company Liquidator , as the case may, shall be appointed by the Tribunal from amongst the insolvency professionals registered under the Insolvency and Bankruptcy Code (IBC), 2016

7. Types of Liquidators as per the Act

8. Contd.

9. Appointment of Official Liquidator – Section 359 of the Act

10. Powers and Functions of Official Liquidator – Section 360 of the Act

11. Appointment of Company liquidator – Section 34 of IBC The Adjudicating Authority shall appoint an interim resolution professional on the insolvency commencement date Section 16 of IBC Section 22 of IBC The committee of creditors, may, in the first meeting, by a majority vote of atleast 66% of the voting share of the financial creditors , either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional

12. Powers and Duties of Company Liquidator – Section 290 of the Act  Subject to Tribunal’s directions, if any, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the following powers:

13. Contd.

14. Contd.

15. Contd. The exercise of powers by the Company Liquidator under section 290 (1) shall be subject to the overall control of the Tribunal – Section 290 (2) Notwithstanding the provisions of section 290 (1), the Company Liquidator shall perform such other duties as the Tribunal may specify in this behalf – Section 290 (3)

16. Judicial Precedents Madhubala Sharma vs. Anand Pratyabhoot Vitt Nigam Ltd. (In Liqn.) – [2014] 51 taxmann.com 273 (Delhi)

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