(1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:—

1. to verify claims of all the creditors;
2. to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
3. to evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and prepare a report;
4. to take such measures to protect and preserve the assets of the corporate debtor as he considers necessary;
5. to carry on the business of the corporate debtor for its beneficial liquidation as he considers necessary;
6. subject to section 52, to sell the immovable and movable property and actionable claims of the corporate debtor by public auction or private contract, with power to transfer such property to any person or body corporate, or to sell the same in parcels in such manner as may be specified;
7. to draw, accept, make and endorse any negotiable instruments including bills of exchange, hundis or promissory notes in the name and on behalf of the corporate debtor, with the same effect with respect to the liability of the corporate debtor as if such instruments had been drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordinary course of its business;
8. to take out, in his official name, letters of administration to any deceased contributory and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the corporate debtor, and in all such cases, the money due shall be deemed to be due to the liquidator himself;
9. to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities;
10. to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code;
11. to institute or defend any suit, prosecution or other legal proceedings, civil or criminal, in the name of and on behalf of the corporate debtor;
12. to investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions;
13. to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as may be necessary for the purposes of liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquidator;
14. to apply to the Adjudicating Authority for such orders or directions as may be necessary for the liquidation of the corporate debtor and to report the progress of the liquidation process in a periodic manner to the Adjudicating Authority as may be specified;
15. to perform such other functions as may be specified by the Board.

(2) The liquidator shall have the power to consult any of the stakeholders entitled to a distribution of proceeds under section 53:

Provided that the committee of creditors constituted under sub-section (1) of section 21, if any, shall advise the liquidator on the sale of assets of the corporate debtor and on such other issues as may be specified.