(1) The Official Liquidator2(61) Official Liquidator means an Official Liquidator appointed under sub-section (1) of section 359 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 companyCompany means a company incorporated under this Act or under any previous company law.
(3) Where any debtor does not deposit the amount under sub-section (2), the Central GovernmentDelegation of power to Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong vide notification S.O. 4090(E). To view the notification,Click Here 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