1. The company administrator shall perform such functions as the Tribunal may direct.
2. Without prejudice to the provisions of sub-section (1 ), the company administrator may cause to be prepared with respect to the company—
a. a complete inventory of—
i. all assets and liabilities of whatever nature;
ii. all books of account, registers, maps, plans, records, documents of title and all other documents of whatever nature;
b. a list of shareholders and a list of creditors showing separately in the list of creditors, the secured creditors and unsecured creditors;
c. a valuation report in respect of the shares and assets in order to arrive at the reserve price for the sale of any industrial undertaking of the company or for the fixation of the lease rent or share exchange ratio;
d. an estimate of the reserve price, lease rent or share exchange ratio;
e. proforma accounts of the company, where no up-to-date audited accounts are available; and
f. a list of workmen of the company and their dues referred to in sub-section (3 ) of section 325.
Legal Commentary & Landmark Judgments: Section 260
Section 260 historically codified the powers and duties of the Company Administrator in managing operations and formulating revival schemes; omitted by the Insolvency and Bankruptcy Code, 2016, its duties are now embodied in Sections 23, 25, and 28 of the IBC.
Insolvency practitioners must proactively exercise their powers under Section 25(2) IBC to preserve key supply contracts and commercial licenses, filing urgent interlocutory applications under Section 60(5) IBC to restrain counter-parties from unlawful termination during the turnaround window.