Notified Date of Section: 7/12/2016

 Effective Date: 15/12/2016 

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.