Companies Act, 2017

PART-X

OFFICIAL LIQUIDATORS

From: 2023-11-01 - To: 0000-00-00 357. Duty of liquidator where company turns out to be insolvent- (1) Where the liquidator is of the opinion that the company will be unable to pay its debts in full within the period stated in the directors’ declaration under section 351, he shall forthwith summon a meeting of the creditors and shall lay before the meeting a statement of the assets and liabilities of the company and such other particulars as may be specified. (2) Where sub-section (1) becomes applicable, the creditors may in their meeting held as aforesaid decide to continue with the existing liquidator or appoint a different person as liquidator who has consented to act as such and in that case the person so appointed shall be the liquidator. (3) In the case of a different person being nominated, any director, member of the company may, within fifteen days after the date on which the…