Appointment of Official Liquidator (Section 448)
For the purposes of this Act, so far as it relates to the winding up of companies by the Court, -
(a) There shall be attached to each High Court, an Official Liquidator appointed by the Central Government, who shall be a whole-time officer, unless the Central Government considers that there will not be sufficient work for a whole-time officer in which case a part-time officer may be appointed; and (b) the Official Receiver attached to a District Court for insolvency purposes, or if there is no such Official Receiver, then, such person as the Central Government may, by notification in the Official Gazette appoint for the purpose, shall be the Official Liquidator attached to the District Court.
The Central Government may appoint one or more Deputy or Assistant Official Liquidators to assist the Official Liquidator in the discharge of his functions.
Official Liquidator to be liquidator
Section 449 provides that on a winding up order being made in respect of a company, the Official Liquidator shall, by virtue of his office, become the liquidator of the company.
Appointment and powers of Provisional Liquidator (Section 450)
At any time after the presentation of a winding up petition and before the making of a winding up order, the Court may appoint the Official Liquidator to be liquidator provisionally. Before appointing a provisional liquidator, the Court shall give notice to the company and give a reasonable opportunity to it to make its representations, if any, unless, for special reasons to be recorded in writing, the Court thinks fit to dispense with such notice. Where a provisional liquidator is appointed by the Court, the Court may limit and restrict his powers by the order appointing him or by a subsequent order; but otherwise he shall have the same powers as a liquidator. The Official Liquidator shall cease to hold office as provisional liquidator, and shall become the liquidator, or the company, on a winding up order being made
For the purposes of this Act, so far as it relates to the winding up of companies by the Court, -
(a) There shall be attached to each High Court, an Official Liquidator appointed by the Central Government, who shall be a whole-time officer, unless the Central Government considers that there will not be sufficient work for a whole-time officer in which case a part-time officer may be appointed; and (b) the Official Receiver attached to a District Court for insolvency purposes, or if there is no such Official Receiver, then, such person as the Central Government may, by notification in the Official Gazette appoint for the purpose, shall be the Official Liquidator attached to the District Court.
The Central Government may appoint one or more Deputy or Assistant Official Liquidators to assist the Official Liquidator in the discharge of his functions.
Official Liquidator to be liquidator
Section 449 provides that on a winding up order being made in respect of a company, the Official Liquidator shall, by virtue of his office, become the liquidator of the company.
Appointment and powers of Provisional Liquidator (Section 450)
At any time after the presentation of a winding up petition and before the making of a winding up order, the Court may appoint the Official Liquidator to be liquidator provisionally. Before appointing a provisional liquidator, the Court shall give notice to the company and give a reasonable opportunity to it to make its representations, if any, unless, for special reasons to be recorded in writing, the Court thinks fit to dispense with such notice. Where a provisional liquidator is appointed by the Court, the Court may limit and restrict his powers by the order appointing him or by a subsequent order; but otherwise he shall have the same powers as a liquidator. The Official Liquidator shall cease to hold office as provisional liquidator, and shall become the liquidator, or the company, on a winding up order being made
Law relating to the Appointment of Official Liquidator
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