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Depositor-protection proceedings under the Tamil Nadu Protection...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company records.
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Depositor-protection proceedings under the Tamil Nadu Protection of Interests of Depositors Act continue notwithstanding corporate insolvency proceedings because the special depositor-protection regime prevails over the Insolvency and Bankruptcy Code for protecting depositors and prosecuting connected offences. The Economic Offences Wing may therefore proceed under that Act. The Liquidator, as successor to the company's management, must pursue recovery of chit receivables through remedies under the Chit Funds Act or other permissible law. To enable recovery, the Economic Offences Wing must provide complete copies of seized company materials, while retaining authority to act if recovered sums are proceeds of crime or belong to the accused company or its directors.
Depositor-protection proceedings under the Tamil Nadu Protection of Interests of Depositors Act continue notwithstanding corporate insolvency proceedings because the special depositor-protection regime prevails over the Insolvency and Bankruptcy Code for protecting depositors and prosecuting connected offences. The Economic Offences Wing may therefore proceed under that Act. The Liquidator, as successor to the company's management, must pursue recovery of chit receivables through remedies under the Chit Funds Act or other permissible law. To enable recovery, the Economic Offences Wing must provide complete copies of seized company materials, while retaining authority to act if recovered sums are proceeds of crime or belong to the accused company or its directors.
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