Part II

LIQUIDATOR

14. Appointment of provisional liquidator or Company Liquidator.-

(1) After the admission of a petition for the winding up of a company by   the Tribunal, and upon proof by affidavit of sufficient ground for the   appointment of a provisional liquidator, the Tribunal, if it thinks fit, and   upon such terms and conditions as in the opinion of the Tribunal shall   be just and necessary, may appoint a provisional liquidator of the   company, pending final orders on the winding up petition, in pursuance   of clause (c) of sub-section (1) of section 273, and where the company is   not the applicant, notice of the application for appointment of provisional   liquidator shall be given to the company in Form WIN 7 and the company   shall be given a reasonable opportunity to make its representation unless   the Tribunal, for reasons to be recorded in writing, dispenses with such   notice.

(2) The order appointing the provisional liquidator shall set out the   restrictions and limitations, if any, on his powers imposed by the Tribunal   in accordance with the sub-section (3) of section 275 and the order shall   be in Form WIN 8, with such variations as may be necessary.

(3) An order for the appointment of a provisional liquidator as passed   in accordance with clause clause (c) of sub-section (1) of section 273 shall also   state that it will be the duty of every person, who is in possession of any property, books or papers, cash or any other assets of the company,   including the benefits derived therefrom, to surrender forthwith such   property, books or papers, cash or other assets and the benefits so derived,   as the case may be, to the provisional liquidator.

(4) Where an order for the appointment of provisional liquidator or   Company Liquidator, as the case may be, has been made, the Registrar   shall, as provided in sub section (1) of section 277 within a period not   exceeding seven days from the date of passing of the order, send intimation   to the Company Liquidator or provisional liquidator in Form WIN 9 by   registered post or by speed post or by courier service or by electronic   means and a copy of the order for the appointment of provisional liquidator   or Company Liquidator, as the case may be, shall also be sent to the   Registrar of Companies together with a copy of the petition and the   affidavit, if any, filed in support thereof.

(5) The provisional liquidator or the Company Liquidator, as the case   may be appointed by the Tribunal shall file a declaration in Form WIN 10   disclosing conflict of interest or lack of independence in respect of his   appointment, if any, with the Tribunal within seven days from the date of   appointment.

(6) The provisional liquidator or the Company Liquidator, as the case   may be shall be appointed by the Tribunal from amongst the insolvency   professionals registered under the Insolvency and Bankruptcy Code, 2016   (31 of 2016) unless the official liquidator is appointed.