https://www.taxtmi.com/caselaws?id=102285 Secured creditors who stand outside a winding up and retain the benefit of preserved security may be required to bear proportionate costs of actual maintenance and safeguarding of that security, including watch and ward and related liquidation expenses. The proviso to Section 529(2) of the Companies Act, 1956 is treated as reflecting legislative intent that the ultimate beneficiaries of preservation contribute to those outgoings. Relief is determined by the substance of the application and the prayer made, not by an incorrect statutory reference in the application. On that basis, the liquidator's claim for proportionate reimbursement was upheld. en-us Fri, 04 Sep 1992 00:00:00 +0530 Tue, 14 Feb 2012 13:12:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102285 Secured creditors who stand outside a winding up and retain the benefit of preserved security may be required to bear proportionate costs of actual maintenance and safeguarding of that security, including watch and ward and related liquidation expenses. The proviso to Section 529(2) of the Companies Act, 1956 is treated as reflecting legislative intent that the ultimate beneficiaries of preservation contribute to those outgoings. Relief is determined by the substance of the application and the prayer made, not by an incorrect statutory reference in the application. On that basis, the liquidator's claim for proportionate reimbursement was upheld. Case-Laws Companies Law Fri, 04 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102285