https://www.taxtmi.com/caselaws?id=104660 In a winding-up order passed on a BIFR reference, a secured creditor who was not the petitioner and did not support the reference cannot be compelled at the threshold to deposit ad hoc amounts for preliminary expenses or advertisement of the winding-up order. The obligation to advertise the winding-up order rests on the petitioner, and the proviso to section 529(2) does not create a general duty to fund initial winding-up costs. However, the secured creditor may still be required to reimburse or advance expenses directly connected with preservation and maintenance of the security, where such expenditure is properly shown and supported by details. en-us Tue, 22 Feb 2000 00:00:00 +0530 Wed, 29 Feb 2012 18:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104660 In a winding-up order passed on a BIFR reference, a secured creditor who was not the petitioner and did not support the reference cannot be compelled at the threshold to deposit ad hoc amounts for preliminary expenses or advertisement of the winding-up order. The obligation to advertise the winding-up order rests on the petitioner, and the proviso to section 529(2) does not create a general duty to fund initial winding-up costs. However, the secured creditor may still be required to reimburse or advance expenses directly connected with preservation and maintenance of the security, where such expenditure is properly shown and supported by details. Case-Laws Companies Law Tue, 22 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104660