https://www.taxtmi.com/caselaws?id=99652 Section 555 of the Companies Act, 1956 creates alternative routes for a claimant to recover money from the Companies Liquidation Account, and clause (b) applies only where that same claimant has not already pursued the court remedy under clause (a) and no such application is pending. The proviso to clause (a), the requirements in Rule 9(3) of the Companies Liquidation Account Rules, 1965, and the prescribed indemnity bond were read consistently with that scheme. On the facts, the income-tax department did not show that the appellant's own application under clause (a) was pending when the Regional Director made the order, so the order was not a nullity and the challenge succeeded. en-us Wed, 31 Jan 1979 00:00:00 +0530 Sat, 28 Jan 2012 12:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99652 Section 555 of the Companies Act, 1956 creates alternative routes for a claimant to recover money from the Companies Liquidation Account, and clause (b) applies only where that same claimant has not already pursued the court remedy under clause (a) and no such application is pending. The proviso to clause (a), the requirements in Rule 9(3) of the Companies Liquidation Account Rules, 1965, and the prescribed indemnity bond were read consistently with that scheme. On the facts, the income-tax department did not show that the appellant's own application under clause (a) was pending when the Regional Director made the order, so the order was not a nullity and the challenge succeeded. Case-Laws Companies Law Wed, 31 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99652