1933 (10) TMI 13

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..... Dun Mussourie Electric Tramway Company Limited (in liquidation) with regard to the disposal of a surplus in their hands after paying the creditors. The creditors themselves claim that they should be allowed interest from the date of the winding up to the date of payment. The preferential shareholders, on the other hand, oppose this application. Mr. S.K. Dar on behalf of one of the large creditors .....

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..... given interest on outstanding debts before the preferential shareholders could get anything. This is also the rule in England. I decide, therefore, that the creditors must get interest. The only question which remains is the question of rate of interest. I am not bound to give the creditors the contractual rate but, I think, in most cases where there has been a contract, I should give 6 per cent. .....

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