Section 327 of the Companies Act, 2013
🔹 Section 327 of the Companies Act, 2013
Title: Appointment of Official Liquidator
✅ Overview:
Section 327 deals with the appointment of an Official Liquidator by the Central Government to assist in the winding up of a company.
🔍 Key Provisions:
The Central Government may appoint one or more official liquidators for the purposes of the Act.
Official liquidators are officers appointed to carry out the functions related to winding up companies, including:
Taking possession of the company’s assets,
Conducting the winding up process,
Realizing assets and distributing proceeds to creditors and members,
Reporting to the Tribunal or authorities as required.
Official liquidators typically are officers from the Company Law Board (CLB) or later, officers appointed by the NCLT.
📝 Summary:
| Aspect | Details |
|---|---|
| Appointing Authority | Central Government |
| Role | Conduct winding up, manage liquidation process |
| Number of Official Liquidators | One or more as deemed necessary |
📌 Context:
This section ensures that winding up of companies is supervised by a competent and official authority to protect the interests of creditors and members.
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