https://www.taxtmi.com/caselaws?id=257573 Electricity, maintenance and allied charges incurred to preserve company assets during liquidation were treated as winding-up expenses, not as secured debts. Section 476 of the Companies Act, 1956, read with Rule 338 of the Companies (Court) Rules, 1959, creates a separate priority for costs and expenses incurred in winding up, and charges necessary for upkeep, protection and good repair of the assets fall within that category. Section 529A, which governs preferential payments and secured creditors' dues, does not convert such preservation expenses into secured debts. The official liquidator must examine and determine these charges in accordance with law. en-us Mon, 02 Mar 2015 00:00:00 +0530 Mon, 16 Mar 2015 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257573 Electricity, maintenance and allied charges incurred to preserve company assets during liquidation were treated as winding-up expenses, not as secured debts. Section 476 of the Companies Act, 1956, read with Rule 338 of the Companies (Court) Rules, 1959, creates a separate priority for costs and expenses incurred in winding up, and charges necessary for upkeep, protection and good repair of the assets fall within that category. Section 529A, which governs preferential payments and secured creditors' dues, does not convert such preservation expenses into secured debts. The official liquidator must examine and determine these charges in accordance with law. Case-Laws Companies Law Mon, 02 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257573