ROLE OF OFFICIAL LIQUIDATOR: A COMPARATIVE ANALYSIS OF COMPANIES ACT 1956 V 2013

AUTHOR – APURBA BEHERA & SATH PATHY GAYATREE GEETASWAROOP

STUDENTS AT BIRLA GLOBAL UNIVERSITY

BEST CITATION – APURBA BEHERA & SATH PATHY GAYATREE GEETASWAROOP, ROLE OF OFFICIAL LIQUIDATOR: A COMPARATIVE ANALYSIS OF COMPANIES ACT 1956 V 2013, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (10) OF 2025, PG. 54-61, APIS – 3920 – 0001 & ISSN – 2583-2344.

Abstract

A company can’t be formed without public demand, employees, board of directors and various other factors, similarly without a liquidator a company will not going to wind up. A liquidator is the one who conducts the all the process of liquidation. It is performed in a situation where the company is about to wind-up and then the process of realisation of assets of the company and it should be distributed among debenture-holders, creditors and shareholders of the company. A person is being appointed to take all those necessary steps which are being taken to wind-up the company. This person is known to be the liquidator under the company. The study of the evolution and current role of Official Liquidators is thus more than a technical comparison of legislative provisions; it also reflects the Indian legal system’s transition from a slow, court-dependent insolvency procedure to a nimbler, market-driven insolvency regime. This study intends to critically examine how much the amendments under the Companies Act of 2013 have succeeded in overcoming the flaws of the 1956 Act, as well as whether the position of Official Liquidators remains relevant or needs to be completely overhauled in light of the International Business Code.