Common Pool Fund utilisation approved for liquidation notice advertisement bills, with balance recoverable from the Official Liquidator's fund.

Permission was granted to the Official Liquidator to use Rs. 1,20,000 from the Common Pool Fund Account to pay advertisement bills incurred for publication of notices in liquidation proceedings. The Court noted that the advertisements had been published pursuant to its earlier direction, but the petitioners had not uniformly deposited the directed charges, leaving the advertising agency's bills higher than the amount available with the Official Liquidator. The balance was directed to be met from the Common Pool Fund Account maintained in the Office of the Official Liquidator.

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Issues: Whether the Official Liquidator could be permitted to utilise Rs. 1,20,000 from the Common Pool Fund Account towards payment of advertisement bills incurred for publication of notices in liquidation proceedings.

Analysis: The Official Liquidator had published the advertisements pursuant to the earlier direction of the Court, but the petitioners had not uniformly deposited the directed advertisement charges. The bills raised by the advertising agency exceeded the amount available with the Official Liquidator for meeting such expenses, and the balance was required to be met from the Common Pool Fund Account maintained by the office of the Official Liquidator.

Conclusion: Permission was granted to utilise Rs. 1,20,000 from the Common Pool Fund Account for payment to the advertising agency, with the remaining amount to be recovered from the Common Pool Fund Account maintained by the Office of the Official Liquidator.

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