Section 378, The Companies Act, 2009

(1) When the liquidator of a company which is beingwound up by the court has- (a) realised all the property of the company, or so much of it as can, in his opinion, be realised without needlessly protracting the liquidation; (b) distributed a final dividend, if any, to the creditors, and adjusted the rights of the contributories among themselves; (c) made a final return, if any, to the contributories; or (d) resigned, or has been removed from his office, the court shall, on his application, cause a report on his accounts to be prepared; and, on his complying with all the requirements the court shall take into consideration the report and any objection which may be urged by any creditor or contributory or person interested against the release of the liquidator, and either grant or withhold the release accordingly. (2) Where the release of a liquidator is withheld, the court may, on the application of any creditor or contributory or person interested, make such order as it thinks just, charging the liquidator with the consequences of any act or default which he may have done or made contrary to his duty. (3) An order of a court releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or 278 279 Audit of liquidator’s Control over Release of liquidators. otherwise in relation to his conduct as liquidator, but such order may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact. (4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office. Committees of inspection