Section 47 in The Industrial Development Bank Of India General Regulations, 1994
47. Application of proceeds of sale of shares
.-The net proceeds of any sale of shares under regulation 46 after deduction of costs of such sale, shall be applied in or towards the satisfaction of the debt or liability in respect whereof the lien exists so far as the same is presently payable and the residue, if any, paid to the shareholders or the person, if any, entitled by transmission to the shares so sold.
