Section 108 in The Tripura Co-operative Societies Act, 1974
108. Powers and duties of Liquidator.
(1)The Liquidator appointed under Section 106 shall have power subject to the rules and the general supervision, control and direction of the Registrar,-(a)to institute and defend suits and other legal proceedings, civil or criminal, on behalf of the society, in the name of his office;(b)to carry on the business of the society, so far as may be necessary for the beneficial winding up of the same;(c)to sell the immovable and movable property on actionable claims of the society by public auction or private contract with power to transfer the whole or part thereof to an person or body corporate, or sell the same in parcels;(d)to raise, on the security of the assets of the society, any money required;(e)to investigate all claims against the society and, subject to the provisions of the Act, to decide questions of priority arising out of such claims, and to pay any class or classes of creditors in full or rateably according to the amount of such debts, the surplus being applied in payment of interest from the date of liquidation at a rate to be approved by the Registrar, but not exceeding the contract rates;(f)to 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 society may be rendered liable;(g)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 society and a contributory or alleged contributory or other debtor or person apprehending liability to the society, and all questions in any way relating to or affecting the assets on the winding up of the society, on such terms as may be agreed, and take any security for discharge of any such call, liability, debt or claim and give a complete discharge in respect thereof;(h)to determine from time to time, after giving an opportunity to answer the claim, the contribution to be made or remaining to be made by the members or past members or by the estate, nominees, heirs or legal representatives of deceased members, or by any officer, past officer or the estate of nominees, heirs or legal representatives of a deceased officer to the assets of the society, such contribution being inclusive of debts due from such members or officers;(i)to issue requisitions under Section 101;(j)to get disputes referred to the Registrar for decision by himself or his nominee or board or nominees;(k)to determine by what persons and in what proportion the cost of the liquidation shall be borne;(l)to fix the time or times within which the creditors shall prove their debts and claims to be included for the benefit of any distribution made before these debts or claims are proved;(m)to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging to or in custody of the society by the same means and in the same manner as is provided in the case of a civil Court under the Code of Civil Procedure, 1908 (V of 1908);(n)to do all acts, and to execute in the name and on behalf of the society, all deeds, receipts and other documents, as may be necessary to such winding up;(o)to take such action as may be necessary under Section 19, with the prior approval of the Registrar, if there is reason to believe that the society can be re-constructed.(2)The Liquidator shall submit to the Registrar a quarterly report in such form as the Registrar may specify showing the progress made in the liquidation of the society.(3)All funds of the society, under liquidation shall be deposited by the Liquidator in the co-operative bank, post office savings bank or any other bank approved by the Registrar.
