Section 362
Sale of assets and recovery of debts due to company.
About this Act
An Act to consolidate and amend the law relating to companies.
(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.
(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.