Companies Act, 1956
Sec 502-Appointment of liquidator.
(1) The creditors and the company at their respective meetings mentioned in section 500 may nominate a person to be liquidator for the purpose of winding up the affairs and distributing the assets of the company.
(2) If the creditors and the company nominate different persons, the person nominated by the creditors shall be liquidator :
Provided that any director, member or creditor of the company may, within seven days after the date on which the nomination was made by the creditors, apply to the Court for an order either directing that the person nominated as liquidator by the company shall be liquidator instead of or jointly with the person nominated by the creditors, or appointing the Official Liquidator or some other person to be liquidator instead of the person appointed by the creditors.
(3) If no person is nominated by the creditors, the person, if any, nominated by the company shall be liquidator.
(4) If no person is nominated by the company, the person, if any, nominated by the creditors shall be liquidator.