Companies Act Section 360 — Powers and functions of Official Liquidator

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Sub-section (1) states that the Official Liquidator must exercise the powers and perform the duties that the Central Government prescribes. In other words, the Central Government decides what the Official Liquidator is allowed to do and is required to do.

Sub-section (2) clarifies that, in addition to the powers and duties mentioned in sub-section (1), the Official Liquidator may do two things. Under clause (a) of sub-section (2), the Official Liquidator may exercise any or all of the powers that a Company Liquidator can exercise under this Act. Under clause (b) of sub-section (2), the Official Liquidator may conduct inquiries or investigations if the Tribunal or the Central Government directs them to do so, but only in matters that arise out of winding up proceedings.

Official Text

(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 the provisions of this Act; and

(b) conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in respect of matters arising out of winding up proceedings.