What is Appointment of Official Liquidator What are the Powers and functions of Official Liquidator Section 359 and 360 of Indian Companies Act 2013

Appointment of Official Liquidator and Powers and functions of Official Liquidator are defined under Section 359 and 360 of Indian Companies Act 2013. Provisions under these Sections are:

 

Section 359 of Indian Companies Act 2013 "Appointment of Official Liquidator"

(1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator.


 

(2) The liquidators appointed under sub-section (1) shall be whole-time officers of the Central Government.

(3) The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.

 

Section 360 of Indian Companies Act 2013 "Powers and functions of Official Liquidator"

(1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe.

(2) Without prejudice to the provisions of sub-section (1), the Official Liquidator may -

(a) exercise all or any of the powers as may be exercised by a Company Liquidator under the provisions of this Act; and

(b) conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in respect of matters arising out of winding up proceedings.

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