Section 363: Settlement of claims of creditors by Official Liquidator
This section is for the Official Liquidator to gather and settle the claims of a company's creditors.
The section, clause by clause
What the section says
In plain terms
(1)The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of the receipt of such call.
The Official Liquidator must ask the company's creditors to prove their claims within 30 days of being appointed and the creditors must do so within 30 days of receiving the request.
(2)The Official Liquidator shall prepare a list of claims of creditors in such manner as may be prescribed and each creditor shall be communicated of the claims accepted or rejected along with reasons to be recorded in writing.
The Official Liquidator will make a list of the creditors' claims and tell each creditor which claims are accepted or rejected, along with the reasons in writing.
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.
Referred to by
Search the whole Act, or ask it a question, in the interactive browser.
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.