(9)Any Liquidator retaining any money which should have been paid by him into the Companies Liquidation Account under this section shall-(a)pay interest on the amount retained at the rate of twelve per cent per annum, and also pay such penalty as may be determined by the Registrar:[Provided that the Central Government may in any proper case remit either in part or in whole the amount of interest which the Liquidator is required to pay under this clause;] [ Inserted by Act 65 of 1960, Section 191 (w.e.f. 28.12.1960).](b)be liable to pay any expenses occasioned by reason of his default; and(c)where the winding up is by [the Tribunal] [ Substituted by Act 11 of 2003, Section 109, for " or under the supervision of the Court" .], also be liable to have all or such part of his remuneration as the [Tribunal] [ Substituted by Act 11 of 2003, Section 109, for " Court" .] may think just to be disallowed, and to be removed from his office by the [Tribunal] [ Substituted by Act 11 of 2003, Section 109, for " Court" .].
