https://www.taxtmi.com/caselaws?id=111281 Once winding up commences, a secured creditor's claims, including interest, are governed by the Companies Act, 1956 and the Companies (Court) Rules, 1959, with liabilities fixed as on the winding-up date. The secured creditor cannot bypass the statutory distribution scheme under sections 529, 529A and 530 by relying on the State Financial Corporations Act, 1951, and post-winding-up interest is payable only if surplus remains after admitted claims are satisfied. A payment made by the ex-managing director on behalf of the company was validly credited by the official liquidator against the outstanding liability because there was no proof that it related exclusively to post-winding-up interest. en-us Tue, 03 Jul 2007 00:00:00 +0530 Sat, 21 Apr 2012 16:26:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111281 Once winding up commences, a secured creditor's claims, including interest, are governed by the Companies Act, 1956 and the Companies (Court) Rules, 1959, with liabilities fixed as on the winding-up date. The secured creditor cannot bypass the statutory distribution scheme under sections 529, 529A and 530 by relying on the State Financial Corporations Act, 1951, and post-winding-up interest is payable only if surplus remains after admitted claims are satisfied. A payment made by the ex-managing director on behalf of the company was validly credited by the official liquidator against the outstanding liability because there was no proof that it related exclusively to post-winding-up interest. Case-Laws Companies Law Tue, 03 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111281