https://www.taxtmi.com/caselaws?id=111920 The Supreme Court upheld the Punjab and Haryana High Court's order directing the appellant to deposit Rs. one crore in court, finding that the payment from MGF Ltd. was intended to address a breach of court orders. The Court rejected the appellant's argument that the payment was part of a private arrangement outside the court's purview. It also held that the payment constituted an undue preference and directed the appellant to deposit the amount. The Court dismissed the appeal, emphasizing the need to adhere to the statutory scheme in liquidation proceedings under the Companies Act. en-us Wed, 13 Aug 2008 00:00:00 +0530 Wed, 14 Aug 2013 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111920 The Supreme Court upheld the Punjab and Haryana High Court's order directing the appellant to deposit Rs. one crore in court, finding that the payment from MGF Ltd. was intended to address a breach of court orders. The Court rejected the appellant's argument that the payment was part of a private arrangement outside the court's purview. It also held that the payment constituted an undue preference and directed the appellant to deposit the amount. The Court dismissed the appeal, emphasizing the need to adhere to the statutory scheme in liquidation proceedings under the Companies Act. Case-Laws Companies Law Wed, 13 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111920