Amended and updated notes on section 363 of Companies Act 2013. Detail discussion on provisions and rules related to settlement of claims of creditors by Official Liquidator.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 363 of CA 2013 provides for settlement of claims of creditors by Official Liquidator.
Recently, we have discussed in detail section 362 (Sale of assets and recovery of debts due to company) of CA 2013. Today, we learn the provisions of section 363 of the Companies Act 2013.
The provisions of section 363 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 363 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. | 363 |
| Section Name | Settlement of claims of creditors by Official Liquidator |
| Monthly Updated Edition | Company Law PDF |
Section 363 of Companies Act 2013: Settlement of claims of creditors by Official Liquidator
Section 363 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
(1) The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of the receipt of such call.
(2) The Official Liquidator shall prepare a list of claims of creditors in such manner as may be prescribed and each creditor shall be communicated of the claims accepted or rejected along with reasons to be recorded in writing.