Can a liquidator be replaced, when a company is undergoing liquidation process? If so, mention the grounds or circumstances under which the liquidator can be changed.

A company liquidator has wide powers as stipulated in Sec 290 of Companies Act, 2013, including power to sell movable and immovable property, settle claims from creditors, employees etc. However, such powers are not unquestionable. Under Sec 276, in the following cases, where reasonable cause being shown and for reasons to be recorded in writing, the Tribunal may remove the provisional Liquidator or Company Liquidator: Misconduct Fraud or misfeasance Professional incompetence, or failure to exercise due care and diligence in performance of the powers and functions Inability to act as Provisional Liquidator or Company Liquidator, as the case may be Conflict of interest or lack of independence during the term of his appointment that would justify removal Besides, in the event of death, resignation or removal of the liquidator, the Tribunal may transfer the work assigned to him to another Company Liquidator for reasons to be recorded in writing.