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