functions and responsibilities of liquidator

(1) The liquidator may-- (a) retain lawyers, accountants, engineers, appraisers and other professional advisors; (b) bring, defend or take part in any civil, criminal or administrative proceeding in the name and on behalf of the co-operative; (c) carry on the business of the co-operative as required for an orderly liquidation; (d) sell by public auction or private sale any property of the co-operative; (e) do all acts execute any documents in the name and on behalf of the co-operative; (f) borrow money on the security of the property of the co-operative; (g) settle or compromise any claims by or against the co-operative; and (h) do all other things that the liquidator considers necessary for the liquidation of the co-operative and distribution of its property. (2) Where a liquidator has reason to believe that any person has in his/her possession or under his/her control, or has concealed, withheld or misappropriated any property of the co-operative, the liquidator may apply to the court for an order requiring that person to appear before the Court at the time and place designated in the order and to be examined. (3) Where the examination mentioned in sub-section (2) discloses that a person has concealed, withheld or misappropriates property of the co-operative, the Court may order that person to restore the property or pay compensation to the liquidator on behalf on the co-operative. (4) The liquidator shall not purchase, directly or indirectly, any part of the stock-in-trade, debts or assets of the co-operative. (5) The liquidator shall submit the progress of the liquidation proceedings and also render accounts from time to time, to the registrar or general body, as the case may be.