350. Duty of liquidator in relation to money

Subject to subsections (2) and (3), and to any order that the court may make, a liquidator shall forthwith pay all money received by the liquidator into an account or accounts established for the purpose at one or more banks.

A liquidator shall not pay any money received into a personal bank account of the liquidator.

A liquidator may invest money received in the course of the liquidation in financial products, to such extent if any, and subject to such terms and conditions as may be prescribed.

A liquidator who fails to comply with this section commits an offence under this section and shall be liable on conviction to a fine not less than one million rupees and not exceeding two million five hundred thousand rupees or to rigorous imprisonment for a term not exceeding five years or to both such a fine and imprisonment.

Where a liquidator commits an offence in relation to subsection (2), in addition to any fine or imprisonment that may be imposed, the court shall levy the money paid in contravention of subsection (2) together with any interest or profits earned thereon, which shall –