513. Body corporate not to be appointed as liquidator.—(1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up. (2) Any appointment made in contravention of sub-section (1) shall be void. (3) Any body corporate which acts as liquidator of a company and very director or a manager thereof shall be punishable with fine which may extend to ten thousand rupees. Provided that, notwithstanding anything contained in any other law for the time being in force, a body corporate consisting of such professionals as may be approved by the Central Government from time to time, shall be qualified for appointment as Official Liquidator under section 448.
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