A liquidator is responsible for the drafting and release of the public announcement in respect to the initiation of liquidation within five days from the appointment. The liquidator is required to verify all claims, ask for proofs and documents to support the claims.
The liquidator is responsible
To apply and receive help from local administration applying to Adjudicating Authority. The help may be required to take over custody of assets, getting access to the premises for management of the corporate debtor as running concern, protecting assets of the corporate debtor from theft, etc.
- To obtain the valuation and prepare report of the assets and property of the corporate debtor.
- To protect and preserve the assets and properties of the corporate debtor.
- To carry on the business of the corporate debtor for its beneficial liquidation.
- To sell the immovable and movable property and actionable claims of the corporate debtor by public auction or private contract and prepare an asset sale report with progress report.
- To draw, accept, make and endorse any negotiable instruments in the name and on behalf of the corporate debtor in the ordinary course of its business.
- To obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities.
- To institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of on behalf of the corporate debtor.
- To investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions.
- To apply to the AA for such orders or directions as may be necessary for the liquidation of the corporate debtor.
- The liquidator shall maintain and preserve for a period of eight years the registers and books in relation to the liquidation of the corporate debtor.
- To call upon the promoters or any other person associated with the management of the corporate debtor for any assistance in the conduct of the liquidation Process.