Section 362 of the Companies Act, 2013: Sale of assets and recovery of debts due to company

The Companies Act, 2013

Chapter– XX Winding Up 

Part IV- Official Liquidators 

Section 362: Sale of assets and recovery of debts due to company.

*362. (1) The Official Liquidator shall expeditiously dispose of all the assets whether movable or immovable within sixty days of his appointment.

(2) The Official Liquidator shall serve a notice within thirty days of his appointment calling upon the debtors of the company or the contributories, as the case may be, to deposit within thirty days with him the amount payable to the company.

(3) Where any debtor does not deposit the amount under sub-section (2), the Central Government may, on an application made to it by the Official Liquidator, pass such orders as it thinks fit.

(4) The amount recovered under this section by the Official Liquidator shall be deposited in accordance with the provisions of section 349.


Reference

*Effective from 15.12.2016.

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