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.
Legal Commentary & Landmark Judgments: Section 362
Section 362 of the Companies Act, 2013 mandates the Official Liquidator in summary liquidation to assume custody of corporate assets, effect sales via public auction or tender within sixty days, and actively recover all outstanding company debts.
Prospective auction buyers must verify the Official Liquidator's compliance with the sixty-day sale window and Central Government valuation approvals under Section 362(2). Challenge any private treaty sale attempted by the liquidator without prior Central Government sanction as ultra vires and procedurally fatal.