https://www.taxtmi.com/caselaws?id=100690 Dissolution of a company under section 560(5) of the Companies Act, 1956 does not, by itself, transfer the company's debt to ex-directors; only liability already existing independently at dissolution can survive, so an executing tribunal cannot substitute ex-directors as certificate-debtors in place of the dissolved company. The note also explains that, on the facts under sections 95, 96 and 110B of the Motor Vehicles Act, 1939, the insurer's statutory obligation to satisfy the award extended to the balance remaining unpaid, because the deceased was travelling in the vehicle in the course of employment and not as a passenger for hire or reward. The impugned substitution order was quashed and the award was directed to be satisfied by the insurer to the extent of the unpaid balance. en-us Mon, 25 Jul 1983 00:00:00 +0530 Fri, 03 Feb 2012 18:45:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100690 Dissolution of a company under section 560(5) of the Companies Act, 1956 does not, by itself, transfer the company's debt to ex-directors; only liability already existing independently at dissolution can survive, so an executing tribunal cannot substitute ex-directors as certificate-debtors in place of the dissolved company. The note also explains that, on the facts under sections 95, 96 and 110B of the Motor Vehicles Act, 1939, the insurer's statutory obligation to satisfy the award extended to the balance remaining unpaid, because the deceased was travelling in the vehicle in the course of employment and not as a passenger for hire or reward. The impugned substitution order was quashed and the award was directed to be satisfied by the insurer to the extent of the unpaid balance. Case-Laws Companies Law Mon, 25 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100690