Section 332, The Companies Act, 2009

(1) Notwithstanding any other provision of this Actthe court may, on the application of a person interested, appoint a receiver or a receiver and manager of the property or undertaking of a company if- (a) the principal money borrowed by the company or the interest is in arrears; or (b) the security or property of the company is in jeopardy. (2) A receiver or manager of any property or undertaking of a company appointed by the court shall be deemed to be an officer of the court and not of the company and shall act in accordance with the directions and instructions of the court.