41 Reports by Official Liquidator
(1). Form of Report. The report to be submitted by the Official Liquidator under sub-section (4) of section 361 shall be in Form E with such variations as may be necessary within thirty days of his appointment. The Official Liquidator may make further report or reports, as my be required by the Central Government.
(2). Upon perusal of the report submitted by the Official Liquidator under sub rule (1), the Central Government may direct further investigation in to the affairs of the company in terms of sub section (5) of section 361 of the Act and report shall be submitted by the Official Liquidator with in the time specified by the Central Government in its direction.
(3). After considering the report submitted under sub rule (2) above, the Central Government may either direct that the Official Liquidator shall proceed with the winding up process under Part- I of the Chapter XX of the Act before the Tribunal or proceed with the process of winding up summarily under Part –IV of the Chapter XX.
(4). Where an order to proceed summarily has been made, the Official Liquidator shall dispose off all the assets taken over by it of the company within sixty days of his appointment. Provided that any further assets which may be discovered may also be disposed off with the approval of the Central Government.
(5). It shall be the duty of the promoters, directors, officers, employees and any person with such authority, to attend on the Liquidator and answer all such questions as may be put to them, give all such further information as may be required from them, and provide such assistance as may be required by the Liquidator.
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