Amended and updated notes on section 362 of Companies Act 2013. Detail discussion on provisions and rules related to sale of assets and recovery of debts due to company.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 362 of CA 2013 provides for sale of assets and recovery of debts due to company.
Recently, we have discussed in detail section 361 (Summary procedure for liquidation) of CA 2013. Today, we learn the provisions of section 362 of the Companies Act 2013.
The provisions of section 362 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 362 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XX |
| Chapter Name | Winding Up |
| Section No. | 362 |
| Section Name | Sale of assets and recovery of debts due to company |
| Monthly Updated Edition | Company Law PDF |
Section 362 of Companies Act 2013: Sale of assets and recovery of debts due to company
Section 362 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
(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 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.