Part-V

OFFICIAL LIQUIDATOR

35 Official Liquidator 
(1) (i) In pursuance of sub-section (1) of section 359, the Central Government may appoint as many number of Official Liquidators, Joint, Deputy or Assistant Official liquidator as it considers necessary to discharge the functions of Official Liquidator.

(iii) For the purposes of sub-section (3) of section 359, the terms and conditions including the salaries payable to persons appointed under this section shall be paidby the Central Government.

(iv) The rules applicable to the Company Liquidator shall apply to the Official Liquidatormutatis mutandis except filing of declaration of disclosure of conflict of interest and furnishing of security.

(iv) A liquidator shall be described by the style of “Official Liquidator” of the particular Company in respect of which he acts, and not by his individual name.

(2) For the purpose of sub section (1) of section 360, the Official Liquidator shall exercise following powers and perform following duties:

(i) For winding up of the company by the Tribunal, the Tribunal at the time of passing an order of winding up, may appoint Official Liquidator as Company Liquidator, who shall exercise all powers as may be exercised by the Liquidator in the winding up proceedings.
(ii) The Tribunal may also by an order appoint official liquidator as Provisional Liquidator for the purpose of winding up. 

(iii) Official Liquidator shall continue as the Company Liquidator or provisional liquidator for all such cases of winding up of companies, pending before District Court or High Court immediately before the date of transfer to the Tribunal as per clause (c) of sub-section (1) of Section 434 of the Act.

(iv) To supervise the functions of any Company Liquidator or Provisional Liquidator appointed from the panel, if directed by Tribunal or Central Government.

(v) To advice or guide the Company Liquidator or Provisional Liquidator appointed from the panel on any reference made to him by such Liquidator.

(vi) Official Liquidator shall conduct enquires or investigations, if directed by the Tribunal or Central Government in respect of matters arising out of winding up proceedings including all such cases where the company liquidator is appointed from the panel.

(vii) To submit report to the Tribunal on any such matter including on the report for dissolution of the company filed by Company Liquidator appointed from the panel, on winding up by the Tribunal or Voluntary Winding up.

(viii) The Official Liquidator shall maintain a panel of Security Agency with the approval of Tribunal and of professionals including Valuers, Chartered Accountants, Company Secretaries, Cost Accountants and Advocates to represent and assist the Official Liquidator in the winding up process and proceeding related to winding up petitions and applications before the Tribunal and the Central Government.

(ix) Any such powers and duties as may be directed by the Tribunal or Central Government from time to time.