https://www.taxtmi.com/caselaws?id=110508 The court held that the fee under Rule 291 of the Company Court Rules, 1959, is payable by the secured creditors as agreed in the joint report. The fee is a statutory levy for the overall service of overseeing the liquidation proceedings and ensuring fair distribution among creditors. The term 'realisation' in Rule 291(4) should be interpreted broadly, encompassing all funds received by the Official Liquidator from the company's assets, not just those recovered through active legal proceedings. The report of the Official Liquidator was accepted, and permission was granted to deduct the requisite amounts from the payments to the secured creditors for remittance to the Central Government. en-us Mon, 02 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 12:07:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110508 The court held that the fee under Rule 291 of the Company Court Rules, 1959, is payable by the secured creditors as agreed in the joint report. The fee is a statutory levy for the overall service of overseeing the liquidation proceedings and ensuring fair distribution among creditors. The term 'realisation' in Rule 291(4) should be interpreted broadly, encompassing all funds received by the Official Liquidator from the company's assets, not just those recovered through active legal proceedings. The report of the Official Liquidator was accepted, and permission was granted to deduct the requisite amounts from the payments to the secured creditors for remittance to the Central Government. Case-Laws Companies Law Mon, 02 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110508