https://www.taxtmi.com/caselaws?id=106498 The court granted the application seeking direction to the Official Liquidator to remit the admitted liability of Rs. 6,94,122 while waiving interest and penal interest claims by creditors on income-tax liability. The court relied on its authority under section 446(2)(b) of the Companies Act, 1956, to override other laws to prevent hardship or miscarriage of justice. Judicial precedents supported disallowing interest claims to protect contributories' interests during liquidation. The decision specifically addressed the interest and penal interest demands related to income-tax liability, allowing remittance of admitted liability without interest and penal interest. en-us Fri, 04 Oct 2002 00:00:00 +0530 Wed, 14 Mar 2012 14:31:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106498 The court granted the application seeking direction to the Official Liquidator to remit the admitted liability of Rs. 6,94,122 while waiving interest and penal interest claims by creditors on income-tax liability. The court relied on its authority under section 446(2)(b) of the Companies Act, 1956, to override other laws to prevent hardship or miscarriage of justice. Judicial precedents supported disallowing interest claims to protect contributories' interests during liquidation. The decision specifically addressed the interest and penal interest demands related to income-tax liability, allowing remittance of admitted liability without interest and penal interest. Case-Laws Companies Law Fri, 04 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106498