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Introduction The Indian Bankruptcy Code, 2016 (IBC) was passed by the Parliament of India in May 2016 and is applicable to the whole of India. It is a comprehensive legislation that seeks to consolidate and amend the existing laws relating to insolvency and bankruptcy, and to provide for a uniform framework for the resolution of insolvency and bankruptcy in India. The IBC provides for the appointment of a liquidator to carry out the processes of dissolution and liquidation, which is a key feature of the IBC. This article will discuss the powers and duties of the liquidator under the IBC. Powers of a Liquidator The IBC vests the liquidator with certain powers to carry out the winding up proceedings and to ensure that the assets of the corporate debtor are liquidated to the fullest extent and in an efficient manner. These powers are provided under Section 33 of the IBC. The powers of the liquidator include the power to: 1. Take possession of the corporate debtor’s assets and to protect them from misappropriation or damage. 2. Examine and assess the corporate debtor’s assets and liabilities. 3. Investigate the affairs of the corporate debtor and to call for any information or documents relating to its assets and liabilities. 4. Call meetings of creditors and shareholders and circulate notices to them. 5. Sell or otherwise dispose of the corporate debtor’s assets. 6. Recover any amount due to the corporate debtor from any person, including employees. 7. Issue notices to the creditors and shareholders of the corporate debtor. 8. Set up a creditors’ committee and to preside over its meetings. 9. Make payments to the creditors in accordance with the provisions of the IBC. 10. Appoint and remove agents and employees of the corporate debtor. 11. Compromise or make arrangements with creditors and shareholders. 12. Take all such other steps as may be necessary for the efficient and effective winding up of the corporate debtor. Duties of a Liquidator The liquidator has certain duties to perform during the winding up proceedings. These duties are provided under Section 34 of the IBC. The duties of the liquidator include the duty to: 1. Act in good faith and in the best interests of the creditors and shareholders of the corporate debtor. 2. Exercise due care and diligence while carrying out the winding up proceedings. 3. Provide the creditors and shareholders with all relevant information regarding the winding up proceedings. 4. Prepare and submit to the National Company Law Tribunal (NCLT) a report of the winding up proceedings. 5. Make payments to the creditors in accordance with the provisions of the IBC. 6. Notify the NCLT of any material changes in the assets or liabilities of the corporate debtor. 7. Notify the NCLT of any changes in the composition of the creditors’ committee. 8. Take all such steps as may be necessary for the efficient and effective winding up of the corporate debtor. Conclusion The IBC provides a comprehensive framework for the resolution of insolvency and bankruptcy in India. Under the IBC, the liquidator is appointed to carry out the processes of dissolution and liquidation, and the liquidator is vested with certain powers and duties to ensure the efficient and effective winding up of the corporate debtor. The powers of the liquidator include the power to take possession of the corporate debtor’s assets, to investigate its affairs and to make payments to the creditors, while the duties of the liquidator include the duty to act in good faith and in the best interests of the creditors and shareholders of the corporate debtor, to exercise due care and diligence while carrying out the winding up proceedings, and to prepare and submit a report of the winding up proceedings to the NCLT.