TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether the remuneration of a liquidator fixed at the time of appointment in a voluntary winding up can be increased after the winding up is placed under the supervision of the court.
Analysis: A voluntary winding up continued under the court's supervision remains a voluntary winding up. The supervisory order under the Companies Act, 1956 does not terminate the voluntary winding up or displace the operation of section 490. Section 490(2) expressly provides that remuneration once fixed cannot be increased in any circumstances whatever, whether with or without the sanction of the court. The provisions relating to supervision of winding up, appointment of additional liquidators, and the position of a liquidator appointed by the court do not confer any power to vary remuneration. The court may in a suitable case reduce remuneration, but the statute contains no power to increase it.
Conclusion: The remuneration of the liquidator could not be enhanced after the company was brought under court supervision; the answer to the question was in the negative and the appeal failed.
Ratio Decidendi: Where a statute expressly prohibits enhancement of a liquidator's remuneration once fixed, the court cannot imply a power to increase it merely because the voluntary winding up is being supervised by the court.
TaxTMI 
TaxTMI 
