law: Companies Act, 2013 
  343.
  
    Company
  
  Liquidator to exercise certain powers subject to sanction.
  1.      The Company
  
  Liquidator mayŚ
  a.     
  
    with
  
  the sanction of the Tribunal, when the company is being wound up by the
  
  Tribunal; and
  b.    
  
    with
  
  the sanction of a special resolution of the company and prior approval of the
  
  Tribunal, in the case of a voluntary winding up,Ś
                       
  
   i.        
  
    pay
  
  any class of creditors in full;
                      
  
   ii.        
  
    make
  
  any compromise or arrangement with creditors or persons claiming to be
  
  creditors, or having or alleging themselves to have any claim, present or
  
  future, certain or contingent, against the company, or whereby the company may
  
  be rendered liable; or
                     
  
   iii.        
  
    compromise
  
  any call or liability to call, debt, and liability capable of resulting in a
  
  debt, and any claim, present or future, certain or contingent, ascertained or
  
  sounding only in damages, subsisting or alleged to subsist between the company
  
  and a contributory or alleged contributory or other debtor or person
  
  apprehending liability to the company, and all questions in any way relating to
  
  or affecting the assets or liabilities or the winding up of the company, on
  
  such terms as may be agreed, and take any security for the discharge of any
  
  such call, debt, liability or claim, and give a complete discharge in respect
  
  thereof.
  1.     
  2.      Notwithstanding
  
  anything contained in sub-section (1 ), in the case of a winding up by
  
  the Tribunal, the Central Government may make rules to provide that the Company
  
  Liquidator may, under such circumstances, if any, and subject to such
  
  conditions, restrictions and limitations, if any, as may be prescribed,
  
  exercise any of the powers referred to in sub clause (ii ) or sub-clause
  
  (iii ) of clause (b ) of sub-section (1 ) without the
  
  sanction of the Tribunal.
  3.      Any creditor or
  
  contributory may apply in the manner prescribed to the Tribunal with respect to
  
  any exercise or proposed exercise of powers by the Company Liquidator under
  
  this section, and the Tribunal shall after giving a reasonable opportunity to
  
  such applicant and the Company Liquidator, pass such orders as it may think
  
  fit.