9911796707
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Issues:
1. Payment of Provident Fund to clients 2. Entitlement of clients to wages 3. Treatment of Income-tax authorities' claim 4. Reopening of assessment for the year 1947-48 5. Set-off against employee claims 6. Payment to clients of Mr. Das 7. Return of pledged ornaments 8. Costs allocation Payment of Provident Fund to clients: The judgment declares that the Provident Fund payment to the clients will be based on the total amount contributed by the staff and the bank, totaling Rs. 25,615-12-0. The clients are specifically named, and their entitlement to wages is detailed for specific periods, with a distinction made between preferential and ordinary creditors based on the timing of the wages due. Entitlement of clients to wages: The judgment specifies the entitlement of the named clients to their wages from May 1st to the end of August 1948. They are to be treated as preferential creditors for wages due in July and August 1948, with the remaining months' wages categorized under ordinary creditors. The liquidator is authorized to settle other employees' claims as they arise, subject to obtaining directions from the Court. Treatment of Income-tax authorities' claim: Regarding the Income-tax authorities' claim of Rs. 11,017 under section 18A of the Income-tax Act, the judgment rules that such authorities are not entitled to preferential payment under section 230 of the Companies Act. The payment demanded under section 18A is considered an advance amount before the tax becomes due, as it is subject to regular assessment. The authorities are acknowledged for their claims but are categorized as ordinary creditors. Reopening of assessment for the year 1947-48: The judgment dismisses the liquidator's contention to reopen the assessment for the year 1947-48, emphasizing the need for the assessee to demonstrate that the assessment was improper. The Court declines to accept the liquidator's request to revisit the assessment, as no supporting evidence or material was presented to justify reopening the assessment. Set-off against employee claims: The liquidator is granted the right to set off any claim the bank may have against an employee when making payments to the employees. This provision allows for the adjustment of amounts owed by employees against any outstanding obligations they may have towards the bank. Payment to clients of Mr. Das and return of pledged ornaments: Specific instructions are given for the payment to be made to the clients of Mr. Das as per the order of Bachawat, J. Additionally, an amount is directed to be returned to parties whose ornaments were pledged with the bank and subsequently sold by the bank. Costs allocation: The judgment allocates costs, with Mr. Das's client responsible for their own costs, Mr. Chowdhury's clients entitled to costs set at Rs. 250, and the government responsible for its costs. The Liquidator is awarded costs for the application, with specific amounts allocated for various aspects, including costs before the Referee and as certified for counsel. The application is to be taxed as of a motion for further clarity on costs.
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