35. (1) Subject to the directions of the Adjudicating Authority, the
liquidator shall have the following powers and duties, namely :-
(a) to verify claims of all the creditors;
(b) to take into his custody or control all the assets, property, effects
and actionable claims of the corporate debtor;
(c) to evaluate the assets and property of the corporate debtor in the
manner as may be specified by the Board and prepare a report;
(d) to take such measures to protect and preserve the assets and properties
of the corporate debtor as he considers necessary;
(e) to carry on the business of the corporate debtor for its beneficial
liquidation as he considers necessary;
(f) subject to section 52, to sell the immovable and movable property and
actionable claims of the corporate debtor in liquidation by public auction
or private contract, with power to transfer such property to any person or
body corporate, or to sell the same in parcels in such manner as may be
specified;
(g) to draw, accept, make and endorse any negotiable instruments including
bill of exchange, hundi or promissory note in the name and on behalf of the
corporate debtor, with the same effect with respect to the liability as if
such instruments were drawn, accepted, made or endorsed by or on behalf of
the corporate debtor in the ordinary course of its business;
(h) to take out, in his official name, letter of administration to any
deceased contributory and to do in his official name any other act necessary
for obtaining payment of any money due and payable from a contributory or
his estate which cannot be ordinarily done in the name of the corporate
debtor, and in all such cases, the money due and payable shall, for the
purpose of enabling the liquidator to take out the letter of administration
or recover the money, be deemed to be due to the liquidator himself;
(i) to obtain any professional assistance from any person or appoint any
professional, in discharge of his duties, obligations and responsibilities;
(j) to invite and settle claims of creditors and claimants and distribute
proceeds in accordance with the provisions of this Code;
(k) to institute or defend any suit, prosecution or other legal proceedings,
civil or criminal, in the name of on behalf of the corporate debtor;
(l) to investigate the financial affairs of the corporate debtor to
determine undervalued or preferential transactions;
(m) to take all such actions, steps, or to sign, execute and verify any
paper, deed, receipt document, application, petition, affidavit, bond or
instrument and for such purpose to use the common seal, if any, as may be
necessary for liquidation, distribution of assets and in discharge of his
duties and obligations and functions as liquidator;
(n) to apply to the Adjudicating Authority for such orders or directions as
may be necessary for the liquidation of the corporate debtor and to report
the progress of the liquidation process in a manner as may be specified by
the Board; and
(o) to perform such other functions as may be specified by the Board.
(2) The liquidator shall have the power to consult any of the stakeholders
entitled to a distribution of proceeds under section 53:
Provided that any such consultation shall not be binding on the liquidator:
Provided further that the records of any such consultation shall be made
available to all other stakeholders not so consulted, in a manner specified
by the Board.