Section 359: Appointment of Official Liquidator
This section is for the appointment and payment of Official Liquidators for company winding up by the Tribunal.
The section, clause by clause
What the section says
In plain terms
(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.
The Central Government can appoint Official Liquidators, Joint, Deputy or Assistant Official Liquidators as needed to handle company winding up by the Tribunal.
(2)The liquidators appointed under sub-section (1) shall be whole-time officers of the Central Government.
Official Liquidators appointed must 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.
The Central Government pays the salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs.by Act 29 of 2020, s. 51, for sub-section (2) (w.e.f. 21-12-2020).
- 2. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for section 357 (w.e.f. 15-11-2016).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.