law: Companies Act, 2013 
  276.
  
    Removal
  
  and replacement of liquidator.
  1.      The Tribunal may, on
  
  a reasonable cause being shown and for reasons to be recorded in writing,
  
  remove the provisional liquidator or the Company Liquidator, as the case may
  
  be, as liquidator of the company on any of the following grounds, namely:Ś
  a.     
  
    misconduct;
  b.    
  
    fraud
  
  or misfeasance;
  c.     
  
    professional
  
  incompetence or failure to exercise due care and diligence in performance of
  
  the powers and functions;
  d.    
  
    inability
  
  to act as provisional liquidator or as the case may be, Company Liquidator;
  e.     
  
    conflict
  
  of interest or lack of independence during the term of his appointment that
  
  would justify removal.
  1.     
  2.      In the event of
  
  death, resignation or removal of the provisional liquidator or as the case may
  
  be, Company Liquidator, the Tribunal may transfer the work assigned to him or
  
  it to another Company Liquidator for reasons to be recorded in writing.
  3.      Where the Tribunal is
  
  of the opinion that any liquidator is responsible for causing any loss or
  
  damage to the company due to fraud or misfeasance or failure to exercise due
  
  care and diligence in the performance of his or its powers and functions, the
  
  Tribunal may recover or cause to be recovered such loss or damage from the
  
  liquidator and pass such other orders as it may think fit.
  4.      The Tribunal shall,
  
  before passing any order under this section, provide a reasonable opportunity
  
  of being heard to the provisional liquidator or, as the case may be, Company
  
  Liquidator.