Section 48 in The Maharashtra Non-Trading Corporations Act, 1959
48. Powers and duties of liquidator.
A liquidator appointed under section 46 shall have power, with the sanction of the Registrar, to do all or any of the following things, that is to say–(a)pay any class or classes of creditors in full;(b)make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging themselves to have any claim, present or future, whereby the corporation may be rendered liable;(c)to compromise all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims, present or future, certain or contingent, subsisting or supposed to subsist between the corporation and a contributory or alleged contributory or other debtor or person apprehending liability to the corporation and all questions in any way relating to or affecting the assets or the winding up the corporation on such terms as may be agreed and take any security for the discharge of any such call, liability, debt, or claim and give a complete discharge in respect thereof;(d)from time to time to determine the contribution to be made or remaining to be made by the members or past members or by the estates or nominees, heirs or legal representatives of deceased members or by any officers to the assets of the corporation, such contribution including debts due from such members or persons;(e)to institute and defend suits and other legal proceedings on behalf of the corporation in the name of his office;(f)to issue requisition under section 57 upon the collector for the recovery as arrears of land revenue of any sum ordered by him to be recovered as dues from members or as a contribution to the assets of the corporation or to the cost of liquidation;(g)to get disputes referred to arbitration;(h)to investigate all claims against the corporation and subject to the provisions of this Act to decide questions of priority arising out of such claims, and to pay rateably according to the amount of such debts, the surplus if any being applied in payment of interest from the date of liquidation at a rate to be fixed by the Registrar and not exceeding the contract rate;(i)to determine by what persons and in what proportion the cost of the liquidation shall be borne;(j)to give such directions in regard to the collection and distribution of the assets of the corporation as may appear to him to be necessary for winding up the affairs of the corporation ;(k)to fix the time or times within which creditors shall prove their debts and claims or be included for the benefit of any distribution made before those debts or claims are proved;(l)to carry on the business of the corporation so far as may be necessary for the beneficial winding up of the same :Provided that no liquidator shall determine the contribution, debt or dues to be recovered from member or a past member or the representative of a deceased member unless opportunity has been given to such member or past member or to such representative to answer the claim.
