https://www.taxtmi.com/caselaws?id=102019 The Supreme Court allowed the appeal of the company in liquidation, directing the liquidator to re-examine the claim for priority in accordance with the interpretation provided. The Court emphasized that debts due and payable to claim priority must be related to the twelve months preceding the relevant date, with liability for payment founded during that period. The Court agreed with the interpretation of a similar provision in the English Companies Act. The Division Bench's order regarding penalties was preserved, and no costs were awarded. en-us Tue, 19 Feb 1991 00:00:00 +0530 Fri, 13 Sep 2013 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102019 The Supreme Court allowed the appeal of the company in liquidation, directing the liquidator to re-examine the claim for priority in accordance with the interpretation provided. The Court emphasized that debts due and payable to claim priority must be related to the twelve months preceding the relevant date, with liability for payment founded during that period. The Court agreed with the interpretation of a similar provision in the English Companies Act. The Division Bench's order regarding penalties was preserved, and no costs were awarded. Case-Laws Companies Law Tue, 19 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102019