The Companies Act, 1956
458. Discretion of liquidator.
The 1[Tribunal] may, by order, provide that the liquidator may exercise any of the powers referred to in sub-section (1) of section 457 without the sanction or intervention of the 1[Tribunal]:
Provided always that the exercise by the liquidator of such powers shall be subject to the control of the 1[Tribunal].
1. Subs. by Act 11 of 2003, sec. 68, for “Court”.