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Which of the following is the Company Liquidator’s general residual power in a winding up by the…

Section 290(1)(m) gives the Company Liquidator the general power to do what is necessary to wind up the company’s affairs and distribute its assets. The powers remain…

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Which of the following is the Company Liquidator’s general residual power in a winding up by the Tribunal under Section 290(1) of the Companies Act, 2013?

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Answer and explanation

Correct answer A

Section 290(1)(m) gives the Company Liquidator the general power to do what is necessary to wind up the company’s affairs and distribute its assets. The powers remain subject to the Tribunal’s directions and overall control. The Act separately addresses secured borrowing, claims in a contributory’s insolvency and professional assistance.

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Option A

Section 290(1)(m) confers this general winding-up and distribution power.

Option B

Professional assistance is a specific power under Section 290(1)(l). Section 291(1) requires Tribunal sanction for the listed appointments.

Option C

Section 290(1)(i) grants this specific power in a contributory’s insolvency.

Option D

Section 290(1) separately provides for raising the required money on the security of company assets.

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