SECTION 362. SALE OF ASSETS AND RECOVERY OF
DEBTS DUE TO COMPANY
[Effective from 15th December, 2016]
(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 [1] [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.
[1] Powers of Central Government delegated to Regional Director vide Notification No. No. S.O. 4090(E) dated 19th December, 2016.
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