Section 359 of the Companies Act, 2013
Section 359 of the Companies Act, 2013 deals with:
🔹 Appointment of Official Liquidator.
🔍 Section 359 – Appointment of Official Liquidator
1. Central Government’s Power:
The Central Government has the authority to appoint official liquidators, who are whole-time officers.
These official liquidators are appointed for conducting liquidation proceedings of companies ordered to be wound up by the Tribunal under this Act.
2. Nature of Appointment:
The official liquidator shall be an officer appointed from a panel maintained by the Central Government.
They are public servants for the purposes of Section 21 of the Indian Penal Code.
3. Role of the Official Liquidator:
Once appointed, the official liquidator shall perform the duties and functions as per the Tribunal’s directions, and in accordance with the provisions of the Act.
✅ Purpose of Section 359:
This section ensures that a professional and impartial officer handles the company’s liquidation process to safeguard the interests of creditors, shareholders, and other stakeholders.
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