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of <h1>High Court rules on creditor appeal for worker fund disbursement, only 15% due now</h1> <h3>State Bank of India Versus Binod Mills Co. Ltd.</h3> The High Court of Madhya Pradesh dismissed an appeal by appellant-creditors of a liquidated company seeking to disburse funds to workers, stating that ... Winding up - Overriding preferential payment The High Court of Madhya Pradesh dismissed an appeal by appellant-creditors of a liquidated company seeking to disburse funds to workers, stating that only 15% of dues should be paid at that time. The court held that provisions of section 529A can be applied at the final payment stage. The appeal was deemed devoid of merits and dismissed summarily. A related stay application was also dismissed, with compliance of the court order expected promptly.
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