Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (2) TMI 621 - HIGH COURT OF BOMBAYRecovery of a sum with further interest at 21 per cent, per annum till repayment of the amount - Held that:- Though the plaintiff has chosen to proceed against the defendant-company, which has already been ordered to be wound up, as a secured creditor with option of standing out side the winding up proceedings to enforce his security, even then the plaintiff would succeed in getting only such equivalent dividend amount as would be payable to the other similarly placed secured creditors of the company in liquidation. In the peculiar facts of the present case, inclined to allow the official liquidator to withdraw the amount deposited in this court, on behalf of the defendant-company, which has been invested, along with interest accrued thereon, to be treated as assets of the defendant-company available for disbursal to the eligible persons as per the preferential order under sections 529 and 529A of the Companies Act, while treating the claim of the plaintiff as similar to that of a secured creditor.
|