Companies Act, 1956
Sec 513 - Body corporate not to be appointed as liquidator.
(1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up.
(2) Any appointment made in contravention of sub-section (1) shall be void.
(3) Any body corporate which acts as liquidator of a company, and every director, or a manager thereof, shall be punishable with fine which may extend to ten thousand rupees.