34 Payment of Unpaid Dividends or Undistributed Assets into the Company Liquidation Dividend and Undistributed Assets Account in a Winding-Up
(1) Statement of unpaid dividend and undistributed assets:
The statement to be furnished, under sub-section (3) of section 352 to the Registrar of Companies, by the Liquidatorwhen making any payment of unpaid dividends or undistributed assets into the Company Liquidation Dividend and Undistributed Assets Account in scheduled bank under sub-sections (1) and (2) of section 352 shall be in Form No. 92.
(2) Unpaid dividends or undistributed assets under investment.- For purposes of payment of unpaid dividends and undistributed assets into the Company Liquidation Dividend and Undistributed Assets Account, money invested or deposited at interest by the liquidator shall be deemed to be money in his hand, and when such money forms part of the unpaid dividends or undistributed assets of the company, the liquidator shall realise the investment or withdraw the deposit and shall pay the proceeds into the Company Liquidation Dividend and Undistributed Assets Account.
(3) Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account - An application under sub-section (6) of section 352 by any person claiming to be entitled to any money paid into the Company Liquidation Dividend and Undistributed Assets Account for payment of such money shall state whether the applicant had made an application to the Central Government for the payment, and, if so, the result of the application.
(4) Cost and expenses payable out of the assets in a winding-up by the Tribunal.
(i) The assets of a company in a winding-up by the Tribunal remaining after payment of the fees and expenses properly incurred in preserving, realizing or getting in the assets including, where the company has previously commenced to be wound-up voluntarily, such remuneration, cost and expenses as the Tribunal may allow to the liquidator in such voluntary winding-up, shall, subject to any order of the Tribunal and to the rights of secured creditors if any, be liable to the following payments which shall be made in the following order of priority, namely :-
First.-the costs of the petition including the costs of any person appearing on the petition, whose costs are allowed by the Tribunal.
Next.-the costs and expenses of any person who makes, or concurs in making, the company s statement of affairs ;
Next.-the necessary disbursements of the Company Liquidator other than expenses properly incurred in preserving, realising or getting in the properties of the company ;
Next.-the cost of any person properly employed by the Company Liquidators ;
Next.-the actual out of pocket expenses necessarily incurred by the members of the Advisory Committee , and sanctioned by the Tribunal.
(ii) Save as otherwise ordered by the Tribunal, no payments in respect of bills of authorised representatives, shall be allowed out of the assets of the company without proof that the same have been considered and allowed by the taxing officer of the Tribunal.
(iii) Nothing contained in this Rule shall apply to or affect costs which, in the course of legal proceedings by or against the company which is being wound-up by the Tribunal, are ordered by the Tribunal in which such proceedings are pending, to be paid by the company or the liquidator, or the rights of the person to whom such costs are payable. |