Section 585 in Rules of the High Court of Judicature for Rajasthan, 1952
585. Liquidator not to have dealings with Company.
(1)An Official Liquidator, except by leave of the Judge, shall not directly or indirectly, by himself or by any partner, clerk, agent, servant or otherwise into any transaction of any nature whatsoever with the company or himself as such Liquidator.(2)Any transaction made in breach of the provisions of sub-rule (1) may be set aside by the Judge on the application of any creditor or contributory or of his own motion. The Judge may forthwith remove an Official Liquidator acting in breach of sub rule (1) and may make such order, as he may think fit.(3)In any case in which the leave of the Judge is given under sub-rule (1), all costs of obtaining such leave shall be borne by the person in whose interest such leave is obtained, and shall not be payable out of the company's assets.Banking Account and Investment by Official Liquidator
