HC directs Official Liquidator to pay unsecured creditor with 4% interest

Govt of India Vs Mewar Textiles And Ors (Rajasthan High Court, Jodhpur Bench) The instant application has been filed by the applicant who is an unsecured creditor and seeks claim of settling subsequent claim to be winding up in accordance with law alongwith interest on the belated payment. The Official Liquidator present in the Court submits that Rule 179 of the Companies (Court) Rules, 1959 is applicable and the unsecured creditor is entitled to interest at the rate of 4% per annum. After hearing, learned counsel for the parties, this Court is of the opinion that at best the applicant being u...