Companies Act, 2017

PART-X

SUPPLEMENTARY PROVISIONS AS TO WINDING UP

Companies Act, 2017 PART-X SUPPLEMENTARY PROVISIONS AS TO WINDING UP From: 2023-11-01 - To: 0000-00-00 416. Payments by liquidator into bank.- (1) Every liquidator of a company shall, in such manner as may be prescribed, pay and keep all moneys received by him or which become available with him or come under his control in his capacity as such in a special account opened by him in that behalf in a scheduled bank in the name of the company. (2) If any such liquidator at any time retains or allows any money to be not so paid and kept as aforesaid or utilises otherwise for more than three days a sum exceeding ten thousand rupees or such other amount as the Court may on the application of the liquidator authorise him to retain then he shall pay surcharge on the amount so retained at the rate of two percent per month or part thereof and shall be liable to (a) disallowance of all or such part of his remuneration as the Court may think just; (b) to make good any…