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The pivotal role of official liquidators of companies is to continue till the National Company Law Tribunal is constituted. The Government expects them to improve their working so as to ensure the liquidation proceedings to be effective in a time-bound manner.
The official liquidators are the custodians of company properties going for liquidation. They are meant to take all possible steps to avoid thefts of the properties of companies under their charge. Although borne on the strength of the Ministry of Company Affairs, they work under the supervision of various High Courts. They have to protect the interest of stakeholders, particularly the small investors, depositors and the labourers. The official liquidators are expected to complete the liquidation proceedings fast enough to ensure the recycling of investments for further growth of the country’s economy, a challenging job no doubt.
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