Body corporate not to be appointed as liquidator :
Section – 513. (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 [***] 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 . ]