Kerala HC Allows Premature Closure of Fixed Deposits to Enable Dividend Payment in Liquidation

Official Liquidator Vs Income Tax (Kerala High Court) The application was filed by the Official Liquidator seeking various directions in relation to the liquidation proceedings of a company. The reliefs sought included ratification of service of the application on the Standing Counsel for the Income Tax Department, sanction to declare and disburse dividend at the rate of 100 paise in a rupee to four ordinary creditors of the company in liquidation, permission to issue dividend notices in the prescribed form, exemption from newspaper publication requirements, and approval to incur necessary exp...