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2014 (9) TMI 93 - ANDHRA PRADESH HIGH COURTRecovery order - garnishee order - interest income during liquidation proceedings - whether the amount payable under the EMIs can be said to be the independent income of the 3rd respondent when it is under liquidation - Held that:- On the strength of an interim order, the 2nd respondent has been depositing the EMIs in a nationalised bank and the amount is earning interest also - assessee on the one hand and the 1st respondent on the other hand had put forward their claims before the official liquidator - the amount, that became payable up to this date from the 2nd respondent, together with interest, which are now said to be in the Syndicate Bank, Banjara Hills Branch shall be made over to the 3rd respondent company, which is now under liquidation. the petitioner on the one hand and the 1st respondent on the other hand shall be entitled to submit their claims before the official liquidator and he in turn shall make the payments out of the available sources to the petitioner and the 1st respondent in accordance with the priorities that are provided for under the Companies Act. This exercise shall be completed within a period of three months.
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