Duties of a liquidator in liquidation by the tribunal: comparison between the 1956 Act and the 2013 Act essay
Effect: Power of CG to make rules regarding voluntary liquidation of companies removed from this section. In Schedule V, in Part II, in section III, clause b is replaced by the following clause, namely: Companies Act, 2013. The Insolvency And Bankruptcy Code, 2016'. b where the company. 1. They shall exercise such powers and perform such duties as the central government may prescribe. 2 Without prejudice to the provisions of paragraph 1, the official liquidator may a exercise all or part of the powers exercisable by a under the provisions of this Act, and b conduct investigations or investigations if so ordered. The Company Liquidator will pay the company's debts and adjust the rights of the contributors. 7 The Company Liquidator will exercise due care in the performance of his duties. 8 If the Liquidator of the Company fails to comply with the provisions of this section, with the exception of paragraph 5, the role of the Liquidator of the Company in the liquidation of the Company is to ensure a fair distribution of the assets of the Company among the creditors in their favor. In a voluntary liquidation of the company, members or creditors can be dissolved without the intervention of the Tribunal. To avoid any misunderstanding between the members and the members of the Tribunal, Part I – Settlement by the Tribunal: Powers of the Tribunal. 273. 1 The Tribunal may, on receipt of an application for winding up under any of the following orders, namely: a dismiss the court, with or without costs, b make an interim order at its discretion, c appoint a provisional liquidator company to. “Under 94A of the Companies Act, Insolvency and Bankruptcy Code, 2016, 'liquidation' means liquidation under this Act or liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable.” Chapter XX - the Companies Act, with liquidation and other aspects thereof. Another important difference between the Companies Act and is that under Companies the process of voluntary liquidation was classified as types of Members Voluntary Liquidation and Creditors Voluntary Liquidation. This distinction made by companies has been officially eliminated by van. A to exercise all or any of the powers exercisable by a corporate liquidator under the provisions of this Act, and b to conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in relation to matters arising out of liquidation proceedings.