42. Provision for assistance to Liquidator

(1) The Liquidator may, with the sanction of the Tribunal, appoint one or more practicing chartered accountants or practicing company secretaries or practicing cost accountants or legal practitioners entitled to appear before the Tribunal or such other professionals or experts or valuer or agency as he considers necessary to assist him in the performance of his duties and functions under the Act or the rules:

Provided that if any such appointment is made from the panel maintained, the Liquidator shall submit report of such appointment including terms and conditions, fees payable, source of fund for payment of fee, fund available with the LLP and the extent of unrealized assets, to the Tribunal forthwith:

Provided further that such panel shall be maintained by the liquidator with the approval of the Tribunal.

(2) Any person appointed as such shall disclose forthwith to the Tribunal in the Form No 14 any conflict of interest or lack of independence in respect of his appointment.

(3) The Tribunal may, on cause shown to it, remove any member from the panel maintained by the Liquidator.