"Liquidator appointed by the Tribunal has unquestionable sole authority to deal and disburse the properties during liquidation process." Elaborate your answer citing circumstances in which a liquidator can be removed.

It is erroneous to assume that the liquidator appointed by the Tribunal is sole authority to deal with the entrusted properties in the process of liquidation. Unlike the Official Liquidator appointed under Companies Act, 1956, where he was answerable only to Company Court, the Liquidator appointed under the Companies Act, 2013 read with Insolvency and Bankruptcy Code, 2016 is under monitoring by the Winding-up Committee and to further submit regularly progress reports to the Tribunal. Further section 276 of the Companies Act, 2013 enumerates the grounds for removal of Liquidator by the Tribunal in the following circumstances: 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 as the case may be, Company Liquidator; Conflict of interest or lack of independence during the term of his appointment that would justify removal. Further, in the event of death, resignation or removal of the Liquidator the Tribunal may transfer the work assigned to him or it to another Company Liquidator for reasons to be recorded in writing. It is a new provision not found in Companies Act, 1956.