The High Court considered the grant of statutory interest u/s ...

Grant of statutory interest to workers ensured; Section 483 provides right to appeal - workmen & secured creditors treated equally. Workmen's claims protected in liquidation.

Case Laws Companies Law

June 21, 2024

The High Court considered the grant of statutory interest u/s 156 of the Companies (Court) Rules, 1959 and the scope of u/s 483 of the Companies Act, 1956. It held that u/s 483 provides the right to appeal in winding-up matters. The purpose of u/s 529-A is to protect workmen's claims in liquidation, ensuring their rights pari passu with secured creditors. The definition of "vested right" requires substantiation by competent authority. The case involved workmen's non-claim for interest, with payments prioritized from unsecured asset sale proceeds. The appellate court's power u/s 483 aims for complete justice. The Court upheld the Single Judge's decision on statutory interest, dismissing the appeal.

View Source

← Previous Next →

The High Court considered the grant of statutory interest u/s ...

Grant of statutory interest to workers ensured; Section 483 provides right to appeal - workmen & secured creditors treated equally. Workmen's claims protected in liquidation.

Case Laws Companies Law

June 21, 2024

You may also like:

Interest on refund - Rate of interest - The rate of interest is statutorily prescribed under section 27 (A) read with Notification issued there under according to which...

Interest u/s 214 and 244 - Interest on interest for late grant of refund - it is only that interest provided for under the statute which may be claimed by an assessee...

Liquidation process - right of the secured creditor - Respondent can realise a Security Interest as per provision Section 13(9) of the SARFAESI Act. Since the Respondent...

Interest on refund - Where it is found that no refund has been granted pursuant to intimation u/s 143(1), the assessee shall be granted relief from such levy of interest...

Recovery of tax dues - Attachment of assets - dues of MVAT Authorities’ have charge in priority to the secured creditors or not - This judgment reaffirms the supremacy...

Grant of interest on the amount which was sanctioned as refund - Power of tribunal to grant interest - Refund of amount includes amount deposited with the Registrar of...

Claim of interest on delayed Refund - the only reason the respondents/revenue have denied grant of statutory interest to the petitioner, is because Covid-19 was raging...

Interest on Delayed Refund of Input Tax Credit - Proviso to Section 56 specified increased interest rates for refunds arising from orders of adjudicating or appellate...

Constitutional validity of para 83 of the EPF Scheme and para 43A of the Pension Scheme - international workers - Discrimination - Grievance of the petitioners is that,...

Secured Creditor - As in the present case, all the ‘Secured Creditors’ have claimed right over the same secured asset, which is 91% of the total secured asset and...

Rate of GST - Even though the meal, snacks, teas are provided to and consumed by the workers/ employees of the recipient, the applicant is providing service to the...

Workmen's claim for interest on wages - Company under liquidation - without a valid contractual provision or statutory basis supporting the payment of interest, and...

Assessment of notional interest on loans - loan has been granted by the assessee to its sister concern - As per the provisions of Sec. 36(1)(iii) AO could have...

Distribution of proceeds of Resolution Plan - Secured creditors - The conclusion of the committee is that the priority under Section 53(1)(b)(ii) shall be only to the...

Recovery of dues - priority of settlement of dues - The State is a secured creditor under the GVAT Act. Section 3(30) of the IBC defines secured creditor to mean a...

Quick Updates: