Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (12) TMI 405 - HC - Companies LawWhether sections 529, 529A, 530 of Companies Act, 1956, read with Rules 6 and 9 of the Companies (Court) Rules, 1959, read with section 35 of the Civil Procedure Code, 1908 empower the Court to award interest to the workmen/employees from the date of winding up order? Held that:- As far as the claim for interest is concerned it is only if the company is left with surplus funds after distribution of the dues of the secured creditors and the workers dues both pari passu as per the provisions of sections 529 and 529A of the Act and after distribution of preferential dues under section 530 of the Act that the question of awarding any interest on the dues of the secured creditors or the workmen’s dues for the further period after the relevant date will arise. Under the aforesaid facts and circumstances, we answer the above question, to the effect that the Court is empowered to award interest strictly in accordance with Rule 179 of Companies (Court) Rules, 1959
|