Section 143 – THE COMPANIES (COURT) RULES, 1959

143. Liquidator and members of the Committee dealing with company’s assets

Neither the Liquidator nor any member of the Committee of Inspection shall, while acting as liquidator or member of such committee in any winding up either directly or indirectly, by himself or any employer, partner, clerk, agent, servant, or relative, become purchaser of any part of the company’s assets, except by leave of the Court. Any such purchase made contrary to the provisions of this Rule may be set aside by the Court on the application of the Liquidator or of a creditor or contributory, as the case may be, and the Court may make such order as to costs as it may think fit.

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