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The High Court considered the grant of statutory interest u/s 156 of the Companies (Court) Rules, 1959 and the scope of u/s 483 of the Companies Act, 1956. It held that u/s 483 provides the right to appeal in winding-up matters. The purpose of u/s 529-A is to protect workmen's claims in liquidation, ensuring their rights pari passu with secured creditors. The definition of "vested right" requires substantiation by competent authority. The case involved workmen's non-claim for interest, with payments prioritized from unsecured asset sale proceeds. The appellate court's power u/s 483 aims for complete justice. The Court upheld the Single Judge's decision on statutory interest, dismissing the appeal.
The High Court considered the grant of statutory interest u/s 156 of the Companies (Court) Rules, 1959 and the scope of u/s 483 of the Companies Act, 1956. It held that u/s 483 provides the right to appeal in winding-up matters. The purpose of u/s 529-A is to protect workmen's claims in liquidation, ensuring their rights pari passu with secured creditors. The definition of "vested right" requires substantiation by competent authority. The case involved workmen's non-claim for interest, with payments prioritized from unsecured asset sale proceeds. The appellate court's power u/s 483 aims for complete justice. The Court upheld the Single Judge's decision on statutory interest, dismissing the appeal.
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