NEW DELHI, Oct 1: In a significant step to build investors' confidence, the Department of Company Affairs (DCA) has shortened the time limit for liquidation of companies under the Companies Act, 1956 to seven months against the current 12 months.Accordingly, official liquidators will take over possession of assets, books of accounts and other records of companies in liquidation within 15-30 days from the date of winding up order from the High Court concerned.Time taken for valuation of the property will be 30 days from the date of completion of inventories. Completion of sale of assets will take 45 days from the date of valuation of properties. Handing over possession of property to buyers will take seven days from the date of payment of sale price, a DCA press release said.Scrutiny of books and records of companies and submission of reports to the High Court in respect of transfer company under Section 394 (1) of the Companies Act will take 30 days.
