The Companies Act, 2013
Chapter-XIX Revival and Rehabilitation of Sick Companies
Section 259: Appointment of administrator.
“259. (1) The interim administrator or the company administrator, as the case may be,shall be appointed by the Tribunal from a databank maintained by the Central Government or any institute or agency authorised by the Central Government in a manner as may be prescribed consisting of the names of company secretaries, chartered accountants, cost accountants and such other professionals as may, by notification, be specified by the Central Government.
(2) The terms and conditions of the appointment of interim and company administrators shall be such as may be ordered by the Tribunal.
(3) The Tribunal may direct the company administrator to take over the assets or management of the company and for the purpose of assisting him in the management of the company, the company administrator may, with the approval of the Tribunal, engage the services of suitable expert or experts.”
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