Indemnity for liquidation account payment protects officials and requires repayment plus interest if entitlement is disproved. Deed of indemnity by a claimant and surety enabling the Regional Director, under delegated statutory authority, to pay monies from a company's liquidation account to the claimant on representation of entitlement, provided no court application is pending; it obliges the claimant and surety to repay the sum on demand and to indemnify the Regional Director against all liabilities, actions, claims, costs and expenses arising from the payment if the amount is later found not payable, with repayment carrying interest and the Government's decision on entitlement treated as final.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Indemnity for liquidation account payment protects officials and requires repayment plus interest if entitlement is disproved.
Deed of indemnity by a claimant and surety enabling the Regional Director, under delegated statutory authority, to pay monies from a company's liquidation account to the claimant on representation of entitlement, provided no court application is pending; it obliges the claimant and surety to repay the sum on demand and to indemnify the Regional Director against all liabilities, actions, claims, costs and expenses arising from the payment if the amount is later found not payable, with repayment carrying interest and the Government's decision on entitlement treated as final.
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