https://www.taxtmi.com/caselaws?id=96869 In company winding up, the time fixed for filing proof of debt is directory for orderly administration and not an absolute bar to a late claim. A creditor who misses the deadline may still be admitted if the delay is satisfactorily explained and no prejudice is caused to other creditors. Relief is available only where prior dividends already declared or paid are not disturbed, and the creditor can participate solely in assets still available for distribution. The operative principle is fairness in distribution, balancing late proof against protection of completed distributions. en-us Mon, 08 Dec 1941 00:00:00 +0630 Wed, 11 Jan 2012 17:15:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96869 In company winding up, the time fixed for filing proof of debt is directory for orderly administration and not an absolute bar to a late claim. A creditor who misses the deadline may still be admitted if the delay is satisfactorily explained and no prejudice is caused to other creditors. Relief is available only where prior dividends already declared or paid are not disturbed, and the creditor can participate solely in assets still available for distribution. The operative principle is fairness in distribution, balancing late proof against protection of completed distributions. Case-Laws Companies Law Mon, 08 Dec 1941 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96869