https://www.taxtmi.com/caselaws?id=104935 A financial institution with a substantial secured interest in assets outside the winding up process may still be required, in appropriate cases, to contribute towards the Official Liquidator's initial expenses. The court noted that banks and similar institutions are not ordinarily burdened with such costs, but recognised a discretion to direct contribution where the petitioning creditors are small and the liquidation office must have funds to perform its functions. On that reasoning, the direction to deposit the amount was found neither illegal nor irregular nor unfair, and the applicant was denied relief. en-us Fri, 17 Sep 1999 00:00:00 +0530 Thu, 01 Mar 2012 18:06:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104935 A financial institution with a substantial secured interest in assets outside the winding up process may still be required, in appropriate cases, to contribute towards the Official Liquidator's initial expenses. The court noted that banks and similar institutions are not ordinarily burdened with such costs, but recognised a discretion to direct contribution where the petitioning creditors are small and the liquidation office must have funds to perform its functions. On that reasoning, the direction to deposit the amount was found neither illegal nor irregular nor unfair, and the applicant was denied relief. Case-Laws Companies Law Fri, 17 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104935