Section 55 in The Orissa Self-Help Co-operatives Act, 2001
55. Powers of liquidator.
(1)The liquidator may -(a)engage lawyers, accountants, engineers, appraisers and other professional advisors;(b)institute, 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 any property of the Co-operative;(e)do all acts and 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 he/she considers necessary for the liquidation of the Co-operative and distribution of its property.(2)Where a liquidator has reasons 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, he/she may apply to the Court for an order requiring that person to restore the said property.(3)No liquidator shall purchase, directly or indirectly, any part of the stocK-in-trade, debts or assets of the Co-operative.
