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Section 362 Of Companies Act 2013: Sale Of Assets & Recovery Of Debts Due To Company

SECTION-362 (Sale of assets and recovery of debts due to company) PART IV.—Official Liquidators under CHAPTER-XX (Winding Up) of the Companies Act, 2013

(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.







Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013) - link


(2) Section 362 of the Companies Act 2013 was notified by MCA Notification S.O. 3677(E) dated 7th December 2016 (w.e.f. 15th December 2016) - link

(3) The Companies (Winding Up) Rules, 2013 is yet to be notified.

(4) The Central Government has delegated the powers and functions vested in it under Section 362 to the Regional Directors vide MCA Notification S.O. 4090 (E) dated 19th December, 2016 - link







This page was last updated on 28th May, 2017.

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