310. Appointment of Company Liquidator.— (1) The company in its general meeting, where a
resolution of voluntary winding up is passed, shall appoint a Company Liquidator from the panel
prepared by the Central Government for the purpose of winding up its affairs and distributing the assets of
the company and recommend the fee to be paid to the Company Liquidator.
(2) Where the creditors have passed a resolution for winding up the company under sub-section (3) of
section 306, the appointment of the Company Liquidator under this section shall be effective only after it
is approved by the majority of creditors in value of the company:
Provided that where such creditors do not approve the appointment of such Company Liquidator,
creditors shall appoint another Company Liquidator.
(3) The creditors while approving the appointment of Company Liquidator appointed by the company
or appointing the Company Liquidator of their own choice, as the case may be, pass suitable resolution
with regard to the fee of the Company Liquidator.
(4) On appointment as Company Liquidator, such liquidator shall file a declaration in the prescribed
form within seven days of the date of appointment disclosing conflict of interest or lack of independence
in respect of his appointment, if any, with the company and the creditors and such obligation shall
continue throughout the term of his or its appointment.
