Section 54(3) in Assam General Sales Tax Act, 1993
(3)The liquidator:-(a)Shall not, without the leave of the Assessing Officer, part with any of the assets of the company or the properties in his hands until he has been notified by the Assessing Officer under sub-section (2); and(b)On being so notified, shall set aside an amount equal to the amount notified and, until he so sets aside such amount, shall not part with any of the assets of the company or the properties in his hands:Provided that nothing contained in this sub-section shall debar the liquidator from parting with such assets or properties for the purpose of the payment to secure creditors whose debts are entitled under law to priority of payment over debts due to Government on the date of liquidation or for meeting the reasonable costs and expenses of the winding up of the company.
