Section 56. Powers of liquidator.

(1) The liquidator may,–– (a) retain lawyers, accountants, engineers, appraisers and other professional advisors ; (b) bring, defend or take part in any civil, criminal or administrative proceeding in the name and on behalf of the cooperative ; (c) carry on the business of the cooperative as required for an orderly liquidation ; (d) sell by public auction or private sale any property of the cooperative ; (e) do all acts and execute any documents in the name and on behalf of the cooperative ; (f) borrow money on the security of the property of the cooperative ; (g) settle or compromise any claims by or against the cooperative ; and (h) do all other things that he/she considers necessary for the liquidation of the cooperative and distribution of its property. (2) Where a liquidator has reason to believe that any person has in his/her possession or under his/her control or has concealed, withheld or misappropriated any property of the cooperative, he/she may apply to the Court for an order requiring that person to appear before the Court at the time and place designated in the order and to be examined. (3) Where the examination mentioned in sub-section (2) discloses that a person has concealed, withheld or misappropriated property of the cooperative, the Court may order that person to restore the property or pay compensation to the liquidator on behalf of the cooperative. (4) No liquidator shall purchase, directly or indirectly, any part of the stock-in-trade, debts or assets of the cooperative.