Amended and updated notes on section 359 of Companies Act 2013. Detail discussion on provisions and rules related to appointment of Official Liquidator.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 359 of CA 2013 provides for appointment of Official Liquidator.
Recently, we have discussed in detail section 358 (Exclusion of certain time in computing period of limitation) of CA 2013. Today, we learn the provisions of section 359 of the Companies Act 2013.
The provisions of section 359 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 359 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. | 359 |
| Section Name | Appointment of Official Liquidator |
| Monthly Updated Edition | Company Law PDF |
Section 359 of Companies Act 2013: Appointment of Official Liquidator
Section 359 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
(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) The liquidators appointed under sub-section (1) shall be whole-time officers of the Central Government.
(3) The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.