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TMI BlogPowers and duties of Liquidator [ Section 35 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... and properties of the corporate debtor as he considers necessary; (e) t o carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary; (f) subject to section 52 , to sell the immovable and movable property and actionable claims of the corporate debtor in liquidation by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be specified: Provided that the liquidator shall not sell the immovable and movable property or actionable claims of the corporate debtor in liquidation to any person who is not eligible to be a resolution applicant. (g) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator; (n) to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to report the progress of the liquidation process in a manner as may be specified by the Board; and (o) to perform such other functions as may be specified by the Board. Reporting Regulation 5 of the IBBI (Liquidation Process) Regulations, 2016 provides that The liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ator: Provided further that the records of any such consultation shall be made available to all other stakeholders not so consulted, in a manner specified by the Board. R e g ul a t i o n 8(1) of the IBBI (Liquidation Process) Regulations, 2016 states that the stakeholders consulted under section 35(2) shall extend all assistance and cooperation to the liquidator to complete the liquidation of the corporate debtor. Relevant Case Law Reliance India Power Fund Vs. Raj Kumar Ralhan [CA (AT) (Ins.) No. 318 of 2020] NCLAT order dt. 24.02.2020 Liquidator has a duty under section 35(1)(k) of the Code but the FC has no right to force the liquidator to take part in the arbitration proceedings. The d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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