30. Removal and replacement of liquidator, etc
(1) The Tribunal may, on a reasonable cause being shown and for reasons to be recorded in writing, remove the Provisional Liquidator or the Liquidator, appointed from the panel on any of the following grounds, namely:-
(a) misconduct,
(b) fraud or misfeasance,
(c) professional incompetence or failure to exercise due care and diligence in performance of the powers and functions;
(d) inability to act as liquidator,
(e) conflict of interest or lack of independence during the term of his appointment.
(2) If any vacancy occurs due to death, resignation, removal or otherwise in the office of liquidator, the Tribunal may transfer the work assigned to him to another Liquidator for reasons to be recorded in writing.
(3) Where the Tribunal is of the opinion that any liquidator under this rule is responsible for causing any loss or damage to the LLP due to fraud or misfeasance or failure to exercise due care and diligence in the performance of his powers and functions, the Tribunal may recover or cause to be recovered such loss or damage from the liquidator and pass such other orders as it may think fit.
(4) The Tribunal shall, before passing any order under this rule, provide a reasonable opportunity of being heard to the liquidator.
|