Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
The High Court directed recomputation of the third interim dividend in liquidation by excluding alleged excess interim payments and any interest from the immediate distribution. It held that liability to refund any excess could not be imposed without prior notice and an opportunity of hearing, so the issue was left for separate determination by the official liquidator. The Court also held that reserving 100% of the debt for belated secured claims was unjustified when other secured creditors were receiving only proportionate payment; only a corresponding proportion could be set aside. The interim dividend was therefore to be disbursed to secured creditors on the same proportionate basis, subject to later undertakings and final adjustment.
The High Court directed recomputation of the third interim dividend in liquidation by excluding alleged excess interim payments and any interest from the immediate distribution. It held that liability to refund any excess could not be imposed without prior notice and an opportunity of hearing, so the issue was left for separate determination by the official liquidator. The Court also held that reserving 100% of the debt for belated secured claims was unjustified when other secured creditors were receiving only proportionate payment; only a corresponding proportion could be set aside. The interim dividend was therefore to be disbursed to secured creditors on the same proportionate basis, subject to later undertakings and final adjustment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
