Case Law Details
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 unsecured creditor is entitled for 4% interest per annum.
In view of the above, the instant application is disposed of with a direction to the Official Liquidator to pay 4% interest to the applicant from the date of winding up i.e. 23.02.2010 till the date of declaration of dividend which is 08.04.2019 entitled to an unsecured creditor in accordance with Rule 179 of the Companies Court Rules. The Official Liquidator shall accordingly make necessary payments on the due amount strictly in accordance with law.
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