3. Duties.—Every receiver so appointed shall—
(a) furnish such security (if any) as the Court thinks fit, duly to account for what he shall receive in respect of the property;
(b) submit his accounts at such periods and in such form as the Court directs;
(c) pay the amount due from him as the Court directs; and
(d) be responsible for any loss occasioned to the property by his wilful default or gross negligence.
Text of the Code of Civil Procedure, 1908 (Act No. 5 of 1908), First Schedule, as amended, including the changes for commercial disputes made by the Commercial Courts Act, 2015. Source: India Code, Government of India.
Every receiver appointed by the Court must furnish such security, if any, as the Court thinks fit to account duly for what he receives from the property. He must submit accounts at the periods and in the form the Court directs, and pay the amount due from him as the Court directs. He is responsible for any loss to the property caused by his wilful default or gross negligence.