Section 360: Powers and functions of Official Liquidator
This section defines the powers and functions of the Official Liquidator in a winding up proceeding.
The section, clause by clause
What the section says
In plain terms
(1)The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe.
The Official Liquidator has the powers and duties prescribed by the Central Government.
(2)Without prejudice to the provisions of sub-section (1), the Official Liquidator may—
The Official Liquidator can exercise the powers of a Company Liquidator and conduct inquiries or investigations as directed by the Tribunal or the Central Government.
(2)(a)exercise all or any of the powers as may be exercised by a Company Liquidator under the provisions of this Act; and
(2)(b)conduct inquiries or investigations, if directed by the Tribunal or the Central Government, in respect of matters arising out of winding up proceedings.
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.
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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.