You need to know that a law called the Companies Act 1993 has rules about liquidation. When a company is liquidated, it means its assets are sold to pay debts. The law says that section 240B of the Companies Act 1993 applies to a statutory entity, unless that entity has its own rules for liquidation. You should understand that this law is talking about statutory entities, which are organisations set up by the government. They have to follow the rules of the Companies Act 1993, unless their own Act says otherwise. This means that if a statutory entity is in trouble and needs to be liquidated, the rules from the Companies Act 1993 will be used, unless the entity's own Act has different rules. This law is important because it helps you understand what happens when a statutory entity is liquidated. It tells you which rules to follow and how the process works. The law is clear that section 240B of the Companies Act 1993 applies, unless the entity's own Act says something different.