https://www.taxtmi.com/caselaws?id=405281 The Court upheld the Official Liquidator's determination of workmen dues totaling Rs. 7.45 crores, rejecting the Corporation Bank's challenge based on an advocate's report lacking credibility. The Bank's attempt to delay disbursement was criticized, affirming the fairness of the Liquidator's process. Both the Bank and workmen were entitled to pro-rata distribution under the Companies Act, ensuring preferential payment based on recovered assets. The Bank was directed to provide interest details to the Liquidator for adjusted distribution, with provisions for future recoveries and consideration of additional workmen separately. en-us Fri, 12 Mar 2021 00:00:00 +0530 Tue, 16 Mar 2021 08:46:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405281 The Court upheld the Official Liquidator's determination of workmen dues totaling Rs. 7.45 crores, rejecting the Corporation Bank's challenge based on an advocate's report lacking credibility. The Bank's attempt to delay disbursement was criticized, affirming the fairness of the Liquidator's process. Both the Bank and workmen were entitled to pro-rata distribution under the Companies Act, ensuring preferential payment based on recovered assets. The Bank was directed to provide interest details to the Liquidator for adjusted distribution, with provisions for future recoveries and consideration of additional workmen separately. Case-Laws Companies Law Fri, 12 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405281