General provisions as to liquidators are laid down under Section 421
The liquidator shall conduct the proceedings in winding up the company and perform such duties in reference thereto as the Court may impose.
Where the Official Liquidator becomes or acts as liquidator, there shall be paid to the Central Government out of the assets of the company such fees as may be prescribed.
The acts of a liquidator shall be valid, notwithstanding any defect that may afterwards be discovered in his appointment or qualification:
It is provided that nothing in this sub-section shall be deemed to give validity to acts done by a liquidator after his appointment has been shown to be invalid.
Section 457 provides that the liquidator in a winding up by the Court shall have power, with the sanction of the Court, (powers exercisable without the sanction of the tribunal)
(a) to institute or defend any suit, prosecution, or other legal
proceeding, civil or criminal, in the name and on behalf of
the company;
(b) To carry on the business of the company so far as may be necessary for the beneficial winding up of the company;
(c) To sell the immovable and movable property and actionable claims of the company by public auction or private contract, with power to transfer the whole thereof to any person or body corporate, or to sell the same in parcels;
(d) To raise the money on the security of the assets of the company any money requisite;
(e) To do all such other things as may be necessary for winding up the affairs of the company and distributing its assets.
The liquidator shall conduct the proceedings in winding up the company and perform such duties in reference thereto as the Court may impose.
Where the Official Liquidator becomes or acts as liquidator, there shall be paid to the Central Government out of the assets of the company such fees as may be prescribed.
The acts of a liquidator shall be valid, notwithstanding any defect that may afterwards be discovered in his appointment or qualification:
It is provided that nothing in this sub-section shall be deemed to give validity to acts done by a liquidator after his appointment has been shown to be invalid.
Powers of liquidator
Section 457 provides that the liquidator in a winding up by the Court shall have power, with the sanction of the Court, (powers exercisable without the sanction of the tribunal)
(a) to institute or defend any suit, prosecution, or other legal
proceeding, civil or criminal, in the name and on behalf of
the company;
(b) To carry on the business of the company so far as may be necessary for the beneficial winding up of the company;
(c) To sell the immovable and movable property and actionable claims of the company by public auction or private contract, with power to transfer the whole thereof to any person or body corporate, or to sell the same in parcels;
(d) To raise the money on the security of the assets of the company any money requisite;
(e) To do all such other things as may be necessary for winding up the affairs of the company and distributing its assets.
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