https://www.taxtmi.com/caselaws?id=97252 In the winding up of an insolvent company, a claimant whose deposit was treated as trust money was held entitled to interest only up to the date of presentation of the winding-up petition, not until actual payment. The claim was not a preferential debt under section 230 of the Indian Companies Act, 1913, and its earlier priority rested on trust character rather than that provision. Section 23 of the Indian Trusts Act, 1882 did not apply because the case did not involve trustee interest receipts or unreasonable delay. By section 229 of the Indian Companies Act, 1913, insolvency rules applied, and interest ceased on adjudication, which related back to the petition date. en-us Wed, 26 Aug 1953 00:00:00 +0530 Mon, 16 Jan 2012 11:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97252 In the winding up of an insolvent company, a claimant whose deposit was treated as trust money was held entitled to interest only up to the date of presentation of the winding-up petition, not until actual payment. The claim was not a preferential debt under section 230 of the Indian Companies Act, 1913, and its earlier priority rested on trust character rather than that provision. Section 23 of the Indian Trusts Act, 1882 did not apply because the case did not involve trustee interest receipts or unreasonable delay. By section 229 of the Indian Companies Act, 1913, insolvency rules applied, and interest ceased on adjudication, which related back to the petition date. Case-Laws Companies Law Wed, 26 Aug 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97252