In a winding-up proceeding, the NCLT must appoint the **Company Liquid…

Question

In a winding-up proceeding, the NCLT must appoint the **Company Liquidator** under Section 275(1)&(2) of the Companies Act, 2013 from:

Accepted Answer

B. {'text': 'The panel maintained by the Central Government from amongst the insolvency professionals registered under the Insolvency and Bankruptcy Code, 2016', 'label': 'B'}

1. Lesson 12's powers table for Chapter XX entry on Section 275(1)&(2) reads: "NCLT shall appoint Official Liquidator from the **panel maintained by the Central Government**, as the Company Liquidator from amongst the **insolvency professionals registered under the Insolvency and Bankruptcy Code, 2016**."
2. The 2016 IBC integration linked the IRP/RP pipeline with the company-winding-up process.
3. Section 275(3) gives the NCLT the power to limit and restrict the powers of the Liquidator.
4. Sections 276(1) and 276(3) deal with removal and recovery from the Liquidator.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 12 (Special Courts, Tribunal under Companies Act and other Legislations), pp. 273-283._

Answer

{'text': 'The senior advocates registered on the rolls of any High Court of any State of India under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'A'}

Answer

{'text': 'The chartered accountants registered with the Institute of Chartered Accountants of India under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'C'}

Answer

{'text': 'The cost accountants registered with the Institute of Cost Accountants of India under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'D'}