Section 275 — Company Liquidators and their appointments

(1) For the purposes of winding up of a
company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint
an Official Liquidator or a liquidator from the panel maintained under sub -section (2) as the Company
Liquidator.
1[(2) The provisional liquidator or the Company Liquidator, as the case may, shall be appointed by the
Tribunal from amongst the insolvency professionals registered under the Insolvency and Bankruptcy Code,
2016 (31 of 2016);]
(3) Where a provisional liquidator is appointed by the Tribunal, the Tribunal may limit and restrict his
powers by the order appointing him or it or by a subsequent order, but otherwise he shall have the same
powers as a liquidator.
2* * * * *

1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (2) (w.e.f. 15-11-2016).
2. Sub-section (4) omitted by s. 255 and the Eleventh Schedule, ibid. (w.e.f. 15-11-2016).

(5) The terms and conditions of appointment of a provisional liquidator or Company Liquidator and the
fee payable to him or it shall be specified by the Tribunal on the basis of task required to be performed,
experience, qualification of such liquidator and size of the company.
(6) On appointment as provisional liquidat or or Company Liquidator, as the case may be, such
liquidator shall file a declaration within seven days from the date of appointment in the prescribed form
disclosing conflict of interest or lack of independence in respect of his appointment, if any, with the Tribunal
and such obligation shall continue throughout the term of his appointment.
(7) While passing a winding up order, the Tribunal may appoint a provisional liquidator, if any,