The Companies Act, 1956
460. Exercise and control of liquidator’s powers.
(1) Subject to the provisions of this Act, the liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by resolution of the creditors or contributories at any general meeting or by the committee of inspection.
(2) Any directions given by the creditors or contributories at any general meeting shall, in case of conflict, be deemed to override any directions given by the committee of inspection.
(3) The liquidator
(a)may summon general meetings of the creditors or contributories, whenever he thinks fit, for the purpose of ascertaining their wishes;
(b)shall summon such meetings at such times, as the creditors or contributories, as the case may be, may, by resolution, direct, or whenever requested in writing to do so by not less than one-tenth in value of the creditors or contributories, as the case may be.
(4) The liquidator may apply to the 1[Tribunal] in the manner prescribed, if any, for directions in relation to any particular matter arising in the winding up.
(5) Subject to the provisions of this Act, the liquidator shall use his own discretion in the administration of the assets of the company and in the distribution thereof among the creditors.
(6) Any person aggrieved by any act or decision of the liquidator may apply to the 1[Tribunal]; and the 1[Tribunal] may confirm, reverse or modify the act or decision complained of and make such further order as it thinks just in the circumstances.
1. Subs. by Act 11 of 2003, sec. 70, for “Court”.