Amendment status not verified — confirm the current text below against the official source.
(1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up. (2) Any appointment made in contravention of sub-section (1) shall be void. (3) Any body corporate which acts as liquidator of a company, and every director [x x x x] or a manager thereof, shall be punishable with fine which may extend to [ten thousand rupees]: [Provided that, notwithstanding anything contained in any other law for the time being in force a body corporate consisting of such professionals as may be approved by the Central Government from time to time, shall be qualified for appointment as Official Liquidator under section 448.]