This application is filed pursuant to Sections 446 (1) & (2) and 537 of the Companies Act, 1956, r/w Rules 6 & 9 of the Companies (Court) Rules, 1959, requesting that the official liquidator disburse Rs.8,00,00,000/- (Rupees Eight Crores Only) on an ad hoc interim basis. According to the petition, properties of the company in liquidation are in the possession of the official liquidator pursuant to the winding up order, and the applicant herein, as the sole first charge-holder, has been incurring expenses on the security for preservation and protection of the company in liquidation’s assets, both movable and immovable,
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