Section 515 – The Companies Act,1956

The Companies Act, 1956

515. Power of Tribunal to appoint and remove liquidator in voluntary winding up.

1[515. Power of Tribunal to appoint and remove liquidator in voluntary winding up.(1) If from any cause whatever, there is no liquidator acting, the Tribunal may appoint the Official Liquidator or any other person as a liquidator.

(2) The Tribunal may, on cause shown, remove a liquidator and appoint the Official Liquidator or any other person as a liquidator in place of the removed liquidator.

(3) The Tribunal may also appoint or remove a liquidator on the application made by the Registrar in this behalf.

(4) If the Official Liquidator is appointed as liquidator under the proviso to sub-section (2) of section 502 or under this section, the remuneration to be paid to him shall be fixed by the Tribunal and shall be credited to the Central Government.]

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1. Subs. by Act 11 of 2003, sec. 90, for section 515.

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