TMI BlogPowers of liquidator.X X X X Extracts X X X X X X X X Extracts X X X X ..... in parcels; [1] [(ca) to sell whole of the undertaking of the company as a going concern;] (d) to raise on the security of the assets of the company any money requisite; (e) to do all such other things as may be necessary for winding up the affairs of the company and distributing its assets. (2) The liquidator in a winding up by the [2] [Tribunal] shall have power ___ (i) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the company's seal; [3] [(ia) to inspect the records and returns of the company on the files of the Registrar without payment of any fee;] (ii) to pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assets in consultation with secured creditors after giving them notice; (b) appoint, as the case may be, valuer, chartered surveyors or chartered accountant to assess the value of the company's assets within fifteen days after taking into custody of property, assets referred to in sub-clause (a) and effects or actionable claims subject to such terms and conditions as may be specified by the Tribunal; (c) give an advertisement, inviting bids for sale of the assets of the company, within fifteen days from the date of receiving valuation report from the valuer, chartered surveyors or chartered accountants referred to in clause (b), as the case may be. (2B) The liquidator shall, immediately after the order for winding up or ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys before the last day of closing of the bid: Provided further that the inspection of property shall be open for not more than five days before closing of the bid. (2F) The advertisement inviting bids shall contain the following details, namely: ___ (a) name, address of registered office of the company and its branch offices, factories and plants and the place where assets of the company are kept and available for sale; (b) last date for submitting bids which shall not exceed ninety days from the date of advertisement; (c) time during which the premises of the company shall remain open for inspection; (d) the last date for withdrawing the bid; (e) financial guarantee which shall not be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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