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Section 292 – THE COMPANIES (COURT) RULES, 1959

292. Where the company has no available assets

Where a company against which a winding-up order has been made has no available assets, the Official Liquidator may with the leave of the Court, incur any necessary expenses in connection with the winding-up out of any permanent advance or other fund provided by the Central Government, and the expenses so incurred shall be recouped out of the assets of the company in priority to the debts of the company:

 

Provided that where any money has been advanced to the Official Liquidator by the petitioning or other creditor or contributory for meeting any preliminary expenses in connection with the winding-up, the Official Liquidator may incur any necessary expenses out of such amount, and the money so advanced shall be paid out of the assets of the company in priority to the debts of the company.

Investment of Surplus Funds

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