• Yashika Thakran

Powers and Duties of Liquidators

#Section35 #powes #duties #liquidators


Section 35 of the Code enumerates the Powers and Duties of the Liquidator which incorporates the following:-to verify claims of all the creditors and consolidate them;to take into his custody or control all the assets, property, effects and actionable claims of the company debtor;to evaluate the assets and property of the company debtor within the manner and prepare a report;

to take such measures to safeguard and preserve the assets and properties of the company debtor;to carry on the business of the companydebtor for its beneficial liquidation;to sell the immovable and movable property and actionable claims of the company debtor in liquidation by public auction or private contract, with power to transfer such property to someone or body corporate, or to sell the identical in parcels, though transfer are subjected to section 52 and further the liquidator shall not sell the immovable and movable property or actionable claims to somebody who isn't eligible to be a resolution applicant.to draw, accept, make and endorse any negotiable instruments on behalf of the company debtor, with the identicaleffect as if such instruments were drawn, accepted, made or endorsed by or on behalf of the company debtor within theordinary course of its business;to take out, in his official name, letter of administration to any deceased contributory and to try to to in his officialsomebody who isn't eligible to be a resolution applicant.to draw, accept, make and endorse any negotiable instruments on behalf of the company debtor, with the identicaleffect as if such instruments were drawn, accepted, made or endorsed by or on behalf of the company debtor within theordinary course of its business;to take out, in his official name, letter of administration to any deceased contributory and to try to to in his official name the other act necessary for obtaining payment of any money due and

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