https://www.taxtmi.com/caselaws?id=298766 The statutory deposit insurance scheme covered deposits only up to the prescribed ceiling, and the Official Liquidator was required to furnish depositor details so the Corporation could discharge that liability. Once the insured amount was paid, the remaining realisations could not be redistributed to depositors contrary to the repayment mechanism in Section 21, which operated notwithstanding any inconsistent law. Regulation 22 likewise required repayment to the Corporation from the liquidator's hands after provision for liquidation expenses and dividend. The Supreme Court therefore treated the Corporation's repayment priority as mandatory and found the High Court's contrary direction unsustainable. en-us Wed, 01 Jul 2015 00:00:00 +0530 Fri, 19 Nov 2021 09:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298766 The statutory deposit insurance scheme covered deposits only up to the prescribed ceiling, and the Official Liquidator was required to furnish depositor details so the Corporation could discharge that liability. Once the insured amount was paid, the remaining realisations could not be redistributed to depositors contrary to the repayment mechanism in Section 21, which operated notwithstanding any inconsistent law. Regulation 22 likewise required repayment to the Corporation from the liquidator's hands after provision for liquidation expenses and dividend. The Supreme Court therefore treated the Corporation's repayment priority as mandatory and found the High Court's contrary direction unsustainable. Case-Laws Indian Laws Wed, 01 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298766