Investment of surplus funds: official liquidator must place unneeded liquidation moneys in secure government or trustee instruments. The official liquidator must invest surplus liquidation monies not immediately required in Government securities, or, with court permission, trustee securities, or in interest-bearing deposits in the State Bank of India or other scheduled banks; the Reserve Bank will make investments in Government or trustee securities only on the official liquidator's written request. Such securities are to be retained by the Reserve Bank in the name and on behalf of the official liquidator, and may be sold only by the Reserve Bank under the official liquidator's written instructions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Investment of surplus funds: official liquidator must place unneeded liquidation moneys in secure government or trustee instruments.
The official liquidator must invest surplus liquidation monies not immediately required in Government securities, or, with court permission, trustee securities, or in interest-bearing deposits in the State Bank of India or other scheduled banks; the Reserve Bank will make investments in Government or trustee securities only on the official liquidator's written request. Such securities are to be retained by the Reserve Bank in the name and on behalf of the official liquidator, and may be sold only by the Reserve Bank under the official liquidator's written instructions.
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