1. Subject to the provisions of this Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of the creditors or contributories at any general meeting or by the advisory committee.
2. Any directions given by the creditors or contributories at any general meeting shall, in case of conflict, be deemed to override any directions given by the advisory committee.
3. The Company Liquidator—
a. may summon meetings of the creditors or contributories, whenever he thinks fit, for the purpose of ascertaining their wishes; and
b. shall summon such meetings at such times, as the creditors or contributories, as the case may be, may, by resolution, direct, or whenever requested in writing to do so by not less than one-tenth in value of the creditors or contributories, as the case may be.
4. Any person aggrieved by any act or decision of the Company Liquidator may apply to the Tribunal, and the Tribunal may confirm, reverse or modify the act or decision complained of and make such further order as it thinks just and proper in the circumstances.
Legal Commentary & Landmark Judgments: Section 292
Section 292 of the Companies Act, 2013 delineates the exercise and judicial control of the Company Liquidator's powers, directing regard to resolutions of creditors and contributories, empowering the summoning of meetings, and conferring a right of appeal to the Tribunal for any aggrieved person.
An aggrieved bidder or creditor seeking to challenge a liquidator's decision (such as rejection of a proof of debt or tender disqualification) must file an application under Section 292(4) within a reasonable period. The applicant must plead specific irrationality, procedural illegality, or violation of statutory guidelines to overcome the judicial deference accorded to liquidator discretion.