Companies Act, 1956
Sec 515 - Power of Court to appoint and remove liquidator in voluntary winding up.
(1) If from any cause whatever, there is no liquidator acting, the Court may appoint the Official Liquidator or any other person as a liquidator.
(2) The Court may, on cause shown, remove a liquidator and appoint the Official Liquidator or any other person as a liquidator in place of the removed liquidator.
(3) The Court may also appoint or remove a liquidator on the application made by the Registrar in this behalf.
(4) If the Official Liquidator is appointed as liquidator under the proviso to sub-section (2) of section 502 or under this section, the remuneration to be paid to him shall be fixed by the Court and shall be credited to the Central Government.