362. Sale of assets and recovery of debts due to company (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
361. Summary procedure for liquidation (1) Where the company to be wound up under this Chapter, — (i) has assets of book value not exceeding one crore rupees; and (ii) belongs to such class or classes of companies as may be prescribed, the Central Government may order it to be wound up by summary procedure
Section 138 in The Code Of Criminal Procedure, 1973 138. Procedure where he appears to show cause. (1) If the person against whom an order under section 133 is made appears and shows cause against the order, the Magistrate shall take evidence in the matter as in a summons- case. (2) If the Magistrate is satisfied that
Section 137 in The Code Of Criminal Procedure, 1973 Section 137 of CRPC “Procedure where existence of public right is denied” (1) Where an order is made under section 133 for the purpose of preventing obstruction, nuisance or danger to the public in the use of any way, river, channel or place, the Magistrate shall,
Section 136 in The Code Of Criminal Procedure, 1973 136. Consequences of his failing to do so. If such person does not perform such act or appear and show cause, he shall be liable to the penalty prescribed in that behalf in section 188 of the Indian Penal Code, and the order shall be made
Section 135 in The Code Of Criminal Procedure, 1973 Section 135 of CRPC “Person to whom the order is addressed to obey or show cause” The person against whom such order is made shall – (a) perform, within the time and in the manner specified in the order, the act directed there by or (b)
Section 134 in The Code Of Criminal Procedure, 1973 Section 134 of CRPC “Service or notification of order” (1)The order shall, if practicable, be served on the person against whom it is made, in the manner herein provided for service of a summons. (2) If such order cannot be so served, it shall be notified
360. 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
Section 133 in The Code Of Criminal Procedure, 1973 133. Conditional order for removal of nuisance. (1) Whenever a District Magistrate or a Sub-divisional Magistrate or any other Executive Magistrate specially empowered in this of behalf by the State Government, on receiving the report of a police officer or other information and on taking such
359. 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)