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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Rule 292: Liquidator Can Use Government Funds for Winding Up, Repaid from Assets Before Other Debts</h1> Rule 292 of the Company Court Rules, 1959, allows the Official Liquidator to incur necessary expenses for winding up a company with no available assets, using funds provided by the Central Government, with court approval. These expenses are to be reimbursed from the company's assets before settling any debts. If a creditor or contributory advances money for preliminary winding-up expenses, the Official Liquidator may use these funds, which will also be repaid from the company's assets with priority over other debts.
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