Removal and replacement of liquidator, etc.

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..... idator or the Liquidator, appointed from the panel on any of the following grounds, namely:- ( a ) misconduct, ( b ) fraud or misfeasance, ( c ) professional incompetence or failure to exercise due care and diligence in performance of the powers and functions; ( d ) inability to act as liquidator, ( e ) conflict of interest or lack of independence during the term of his appoint .....

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