Section 336, The Companies Act, 2009

(1) A person appointed a receiver of any property of acompany shall, subject to the rights of prior incumbrancers, take possession of and protect the property, receive the rents and profits and discharge all out- goings in respect thereof and realise the security for the benefit of those on whose behalf he is appointed, but unless appointed manager he shall not have power to carry on any business or undertaking. (2) A person appointed manager of the whole or any part of the undertaking of a company shall manage it with a view to the beneficial realisation of the security of those on whose behalf he is appointed. (3) As from the date of appointment of a receiver or manager, the powers of the directors or liquidators in a members’ voluntary winding up to deal with the property or undertaking over which he is appointed shall cease unless and until the receiver or manager is discharged. (4) If, on the appointment of a receiver or manager, the company is being wound up under the provision relating to creditor’s voluntary winding up, or the property concerned is in the hands of some other officer of the court, the liquidator or officer shall not be bound to relinquish control of such property to the receiver or manager except under the order of the court. 252 253 Receiver or manager appointed out of court to apply to court for directions. of appointment order Duties, powers, etc, of receivers and managers.