https://www.taxtmi.com/caselaws?id=390498 Contractual interest agreed in loan documents was not curtailed by Rules 156 and 179 of the Companies Court Rules, 1959, because Rule 156 applies where interest is neither reserved nor agreed, and Rule 179 concerns admitted claims in winding up after full payment of creditors. The secured creditor standing outside winding up could therefore retain the arbitral award of interest. Recovery, however, remained confined to the hypothecated assets and their sale proceeds, subject to liquidation expenses and the workmen's pari passu share; any shortfall had to be worked out under the Companies Act provisions governing secured creditors and workmen's dues. en-us Wed, 16 Oct 2019 00:00:00 +0530 Sun, 05 Jan 2020 11:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390498 Contractual interest agreed in loan documents was not curtailed by Rules 156 and 179 of the Companies Court Rules, 1959, because Rule 156 applies where interest is neither reserved nor agreed, and Rule 179 concerns admitted claims in winding up after full payment of creditors. The secured creditor standing outside winding up could therefore retain the arbitral award of interest. Recovery, however, remained confined to the hypothecated assets and their sale proceeds, subject to liquidation expenses and the workmen's pari passu share; any shortfall had to be worked out under the Companies Act provisions governing secured creditors and workmen's dues. Case-Laws Companies Law Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390498