513. Body corporate not to be appointed as Liquidator .-
(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, [* * *] [ Substituted by Act 53 of 2000, Section 202, for " five hundred rupees" (w.e.f. 13.12.2000).] or a manager thereof, shall be punishable with fine which may extend to [ten thousand rupees] [ Substituted by Act 53 of 2000, section 203, for " one thousand rupees" (w.e.f. 13.12.2000).]:[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.] [ Inserted by Act 11 of 2003, Section 89.]
