Section 115: Disqualification for appointment as receiver or manager

115. Disqualification for appointment as receiver or manager.—The following shall not be appointed as a receiver or manager of the company’s property, namely- (a) a minor; (b) a person who is of unsound mind and stands so declared by a competent court; (c) a body corporate; (d) a director of the company; (e) an un-discharged insolvent unless he is granted leave by the court by which he has been adjudged an insolvent; or (f) a person disqualified by a Court from being concerned with or taking part in the management of the company in any other way, unless he is granted leave by the Court.

Effective date: 2017-05-30

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