Rules and Regulations of India

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Section 324 – THE COMPANIES (COURT) RULES, 1959

324. Banking account of the liquidator

The liquidator shall open a special account of the liquidation called the “Liquidation Account of………… Company Ltd.”

___________________

Company Private Ltd.”

___________________

Company.”

in a scheduled Bank, or, with the previous sanction of the Court, in any other Bank, as provided in section 553(1), into which he shall pay all moneys received by him as liquidator, and the realizations of each day shall be paid into the said account without deduction not later than the next working day of the Bank, provided that the remittance of moneys into the Bank may be deferred until the realizations exceed Rs. 100. The money needed for meeting the expenses of liquidation or for making any payments by the liquidator in cash shall be drawn from the Bank by cheques drawn upon the Bank by the liquidator. All payments by the liquidator above Rs. 50 shall ordinarily be made by cheque.

Unless the contrary appears, all references in these Rules to the Bank in a voluntary winding-up shall mean references to the Bank in which an account has been opened as aforesaid.

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