https://www.taxtmi.com/caselaws?id=104661 A secured creditor cannot be compelled, at the stage of winding up following a BIFR reference, to deposit ad hoc preliminary expenses or bear newspaper advertisement costs, because the statutory liability under section 529(2) is confined to expenses for preservation of the security. The obligation to advertise the winding up order lies under the Companies (Court) Rules on the petitioner, and a secured creditor outside the winding up cannot be treated as that petitioner merely by reason of its security interest. The secured creditor remains liable only to reimburse expenses actually incurred by the Official Liquidator for safeguarding, preserving and maintaining the security. en-us Tue, 22 Feb 2000 00:00:00 +0530 Wed, 29 Feb 2012 18:32:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104661 A secured creditor cannot be compelled, at the stage of winding up following a BIFR reference, to deposit ad hoc preliminary expenses or bear newspaper advertisement costs, because the statutory liability under section 529(2) is confined to expenses for preservation of the security. The obligation to advertise the winding up order lies under the Companies (Court) Rules on the petitioner, and a secured creditor outside the winding up cannot be treated as that petitioner merely by reason of its security interest. The secured creditor remains liable only to reimburse expenses actually incurred by the Official Liquidator for safeguarding, preserving and maintaining the security. Case-Laws Companies Law Tue, 22 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104661