law: Companies Act, 2013 
  275.
  
    Company
  
  Liquidators and their appointments.
  1.      For the purposes of
  
  winding up of a company by the Tribunal, the Tribunal at the time of the
  
  passing of the order of winding up, shall appoint an Official Liquidator or a
  
  liquidator from the panel maintained under sub-section (2 ) as the
  
  Company Liquidator.
  2.      The provisional
  
  liquidator or the Company Liquidator, as the case may be, shall be appointed
  
  from a panel maintained by the Central Government consisting of the names of
  
  chartered accountants, advocates, company secretaries, cost accountants or
  
  firms or bodies corporate having such chartered accountants, advocates, company
  
  secretaries, cost accountants and such other professionals as may be notified
  
  by the Central Government or from a firm or a body corporate of persons having
  
  a combination of such professionals as may be prescribed and having at least
  
  ten years’ experience in company matters.
  3.      Where a provisional
  
  liquidator is appointed by the Tribunal, the Tribunal may limit and restrict
  
  his powers by the order appointing him or it or by a subsequent order, but
  
  otherwise he shall have the same powers as a liquidator.
  4.      The Central
  
  Government may remove the name of any person or firm or body corporate from the
  
  panel maintained under sub-section (2 ) on the grounds of misconduct,
  
  fraud, misfeasance, breach of duties or professional incompetence:
  Provided
  
  that the Central Government before removing him or it from the panel shall give
  
  him or it a reasonable opportunity of being heard.
  1.     
  2.     
  3.     
  4.     
  5.      The terms and
  
  conditions of appointment of a provisional liquidator or Company Liquidator and
  
  the fee payable to him or it shall be specified by the Tribunal on the basis of
  
  task required to be performed, experience, qualification of such liquidator and
  
  size of the company.
  6.      On appointment as
  
  provisional liquidator or Company Liquidator, as the case may be, such
  
  liquidator shall file a declaration within seven days from the date of
  
  appointment in the prescribed form disclosing conflict of interest or lack of
  
  independence in respect of his appointment, if any, with the Tribunal and such
  
  obligation shall continue throughout the term of his appointment.
  7.      While passing a
  
  winding up order, the Tribunal may appoint a provisional liquidator, if any,
  
  appointed under clause (c ) of sub-section (1 ) of section 273, as
  
  the Company Liquidator for the conduct of the proceedings for the winding up of
  
  the company.