(1)The Central Government shall take cognizance of the conduct of Liquidators of companies which are being wound up by the [Tribunal] [ Inserted by Act 31 of 1988, Section 55 (w.e.f. 15.6.1988).], and, if a Liquidator does not faithfully perform his duties and duly observe all the requirements imposed on him by this Act [or by the Indian Companies Act, 1913 (7 of 1913)] [ Inserted by Act 65 of 1960, Section 172 (w.e.f. 28.12.1960).], the rules thereunder, or otherwise, with respect to the performance of his duties, or if any complaint is made to the Central Government by any creditor, or contributory in regard thereto, the Central Government shall inquire into the matter, and take such action thereon as it may think expedient:[Provided that where the winding up of a company has commenced before the commencement of this Act, the [Tribunal] [ Inserted by Act 65 of 1960, Section 172 (w.e.f. 28.12.1960).][ may, on the application of the Central Government, appoint in place of such Liquidator the Official Liquidator as the Liquidator in such winding up.] [ Inserted by Act 65 of 1960, Section 172 (w.e.f. 28.12.1960).]
