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        Case ID :
        Companies Law

        The HC held that the Official Liquidator's practice of...

        Official Liquidator must deposit unpaid amounts in company liquidation account under Section 555, not common pool fund

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                          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.
                                The HC held that the Official Liquidator's practice of depositing unpaid amounts into a common pool fund and utilizing these funds for payment of special/additional staff and office expenses contravenes Section 555 of the Companies Act, 1956. The court emphasized the statutory obligation to deposit such amounts into the respective company's liquidation account. The continuation of company-paid staff, deemed necessary solely for the Official Liquidator's office and not for liquidation proceedings, must be borne at the risk and cost of the Ministry of Corporate Affairs. The court directed that the amount in the common pool fund be transferred to the company liquidation account within 14 working days. Consequently, permission to appoint a Peon (MTS) in the liquidation of the company was not granted, and the application was disposed of with instructions for compliance.
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