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of <h1>Voluntary Liquidators Must Deposit Funds in Scheduled Bank or Face Penalties, Interest, and Possible Removal Under Section Rules.</h1> Every voluntary liquidator, excluding an Official Liquidator, must deposit received funds into a Scheduled Bank under a special account named 'the Liquidation Account' of the respective company. The Tribunal may authorize the use of another bank if beneficial for creditors or contributories. If a liquidator retains over five hundred rupees for more than ten days without Tribunal approval, they must pay 12% annual interest on the excess, face penalties, cover any resulting expenses, and risk losing part of their remuneration or being removed from office by the Tribunal.
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