https://www.taxtmi.com/caselaws?id=101506 Section 451 of the Companies Act and rule 291 of the Companies (Court) Rules, 1959 apply only where the official liquidator realises property so as to attract the prescribed fee payable to the Central Government. Where secured property is sold by the court through the District Judge, auction expenses are separately met, and the official liquidator does not undertake the realisation of the secured assets, there is no statutory basis to claim a fee from the secured creditor's share of the sale proceeds. On that footing, the objection to release of the proceeds fails and the secured creditor remains entitled to the amount lying with the court. en-us Thu, 04 Jun 1987 00:00:00 +0530 Thu, 09 Feb 2012 18:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101506 Section 451 of the Companies Act and rule 291 of the Companies (Court) Rules, 1959 apply only where the official liquidator realises property so as to attract the prescribed fee payable to the Central Government. Where secured property is sold by the court through the District Judge, auction expenses are separately met, and the official liquidator does not undertake the realisation of the secured assets, there is no statutory basis to claim a fee from the secured creditor's share of the sale proceeds. On that footing, the objection to release of the proceeds fails and the secured creditor remains entitled to the amount lying with the court. Case-Laws Companies Law Thu, 04 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101506