Companies Act, 2017

PART-X

OFFICIAL LIQUIDATORS

Companies Act, 2017 PART-X OFFICIAL LIQUIDATORS From: 2023-11-01 - To: 0000-00-00 337. Powers and duties of official liquidator.- (1) Subject to directions by the Court, if any, in this regard, the official liquidator, in a winding up of a company, shall have the power- (a) to carry on the business of the company so far as may be necessary for the beneficial winding up of the company; (b) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents 1[, and for that purpose, to use, when necessary, the company’s seal]; (c) to sell the immovable and movable property and actionable claims of the company by public auction or private contract, with power to transfer such property to any person or body corporate; (d) to sell whole of the undertaking of the company as a going concern; (e) to institute or defend any suit, prosecution or other legal proceeding, civil or criminal, in the name and on behalf of the company; (f) to invite and settle claim of creditors, employees or any other claimant and distribute sale proceeds in accordance with priorities established under this Act; (g) to draw, accept, make and endorse any negotiable instruments in the name and on behalf of the company, with the same effect with respect to the liability of the company as if such instruments had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business; (h) to obtain any professional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilities and for protection of the…