https://www.taxtmi.com/caselaws?id=96556 Section 229 of the Indian Companies Act, 1913 was confined to the winding up of an insolvent company and imported the insolvency rules for provable debts. Interest accruing after commencement of liquidation was not treated as a provable debt under that provision, so the 6 per cent insolvency rate did not govern a solvent winding up. Where a company had surplus assets after payment in full of liabilities existing at the commencement of winding up, creditors entitled to interest by contract or other governing obligation could recover it from the surplus at the agreed rate until the principal debt was paid. en-us Sat, 23 May 1931 00:00:00 +0530 Mon, 09 Jan 2012 12:46:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96556 Section 229 of the Indian Companies Act, 1913 was confined to the winding up of an insolvent company and imported the insolvency rules for provable debts. Interest accruing after commencement of liquidation was not treated as a provable debt under that provision, so the 6 per cent insolvency rate did not govern a solvent winding up. Where a company had surplus assets after payment in full of liabilities existing at the commencement of winding up, creditors entitled to interest by contract or other governing obligation could recover it from the surplus at the agreed rate until the principal debt was paid. Case-Laws Companies Law Sat, 23 May 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96556