Section 450 - Appointment and powers of provisional liquidator. - Companies Act, 1956

Appointment and powers of provisional liquidator. 450. (1) At any time after the presentation of a winding up petition and before the making of a winding up order, the [1] [Tribunal] may appoint the Official Liquidator to be liquidator provisionally. (2) Before appointing a provisional liquidator, the 1[Tribunal] shall give notice to the company and give a reasonable opportunity to it to make its representations, if any, unless, for special reasons to be recorded in writing, the 1[Tribunal] thinks fit to dispense with such notice. (3) Where a provisional liquidator is appointed by the 1[Tribunal], the 1[Tribunal] may limit and restrict his powers by the order appointing him or by a subsequent order; but otherwise he shall have the same powers as a liquidator. (4) The Official Liquidator shall cease to hold office as provisional liquidator, and shall become the liquidator, of the company, on a winding up order being made. ---------------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f a date yet to be notified.