Section 275 of Companies Act, 2013
Section 275 of Companies Act, 2013 deals with Company Liquidators and their appointments.
From the Act
(1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as the Company Liquidator.
(2) The provisional liquidator or the Company Liquidator, as the case may be, shall be appointed from a panel maintained by the Central Government consisting of the names of chartered accountants, advocates, company secretaries, cost accountants or firms or bodies corporate having such chartered accountants, advocates, company secretaries, cost accountants and such other professionals as may be notified by the Central Government or from a firm or a body corporate of persons having a combination of such professionals as may be prescribed and having at least ten years’ experience in company matters.
(3) Where a provisional liquidator is appointed by the Tribunal, the Tribunal may limit and restrict his powers by the order appointing him or it or by a subsequent order, but otherwise he shall have the same powers as a liquidator.
(4) The Central Government may remove the name of any person or firm or body corporate from the panel maintained under sub-section (2) on the grounds of misconduct, fraud, misfeasance, breach of duties or professional incompetence:
Provided that the Central Government before removing him or it from the panel shall give him or it a reasonable opportunity of being heard.
(5) The terms and conditions of appointment of a provisional liquidator or Company Liquidator and the fee payable to him or it shall be specified by the Tribunal on the basis of task required to be performed, experience, qualification of such liquidator and size of the company.
(6) On appointment as provisional liquidator or Company Liquidator, as the case may be, such liquidator shall file a declaration within seven days from the date of appointment in the prescribed form disclosing conflict of interest or lack of independence in respect of his appointment, if any, with the Tribunal and such obligation shall continue throughout the term of his appointment.
(7) While passing a winding up order, the Tribunal may appoint a provisional liquidator, if any, appointed under clause (c) of sub-section (1) of section 273, as the Company Liquidator for the conduct of the proceedings for the winding up of the company.
Recent Cases / Related Cases / Case Laws
- Section 270: Modes of winding up
- Section 271: Circumstances in which company may be wound up by Tribunal
- Section 272: Petition for winding up
- Section 273: Powers of Tribunal
- Section 274: Directions for filing statement of affairs
Related Sections from the Act
Chapters and Sections from the Indian Companies Act, 2013
- Chapter I to VI: Section 1 to Section 87
- Chapter VII: Section 88 to Section 122
- Chapter VIII to X: Section 123 to Section 148
- Chapter XI to XIII: Section 149 to Section 205
- Chapter XIV to XVI: Section 206 to Section 246
- Chapter XVII to XIX: Section 247 to Section 269
- Chapter XX: Section 270 to Section 365
- Chapter XXI to XXVI: Section 366 to Section 406
- Chapter XXVII to XXVIII: Section 407 to Section 446
- Chapter XXIX: Section 447 to Section 470
Other Related Acts
- Companies Act, 1956
- Indian Contract Act, 1872
- Indian Partnership Act, 1932
- Companies (Amendment) Bill, 2014
- Companies (Meetings and Powers of Board) Rules, 2014
- Companies (Declaration and Payment of Dividend) Rules, 2014
- Companies (Audit and Auditors) Rules, 2014
- Companies (Accounts) Rules, 2014
- March 8, 2016: Amendment in FCRA
- February 29, 2016: Companies Act 2013 to be amended to facilitate Ease of Doing Business
- April 29, 2015: Note on Companies (Amendment) Bill, 2014
- March 10, 2015: Notification of Section 135 of the Companies Act
- July 22, 2014: Changes in Companies Act
- July 18, 2014: Amendment in Companies Act, 1956
- June 12, 2014: Amendment to Rule 6 of the Companies Act
- December 12, 2013: Most Recommendations of The Damodaran Committee Taken Into Account In The Companies Act, 2013
- December 12, 2013: Measures to Prevent and Deal with Occurrence of Frauds
- December 7, 2013: Implementation of the New Company LawCompany Law
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