https://www.taxtmi.com/caselaws?id=298761 Section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, read with Regulation 22 of the 1961 General Regulations, requires the liquidator to repay the Corporation amounts paid to insured depositors out of liquidation realizations after making provision for liquidation expenses and dividend. The statutory scheme gives the Corporation priority over competing claims in the liquidation of cooperative banks, including claims of depositors, creditors, workmen and government dues, until reimbursement is made. Even a depositor's decree does not displace this statutory priority, because repayment to the Corporation must be satisfied first within the liquidation framework. en-us Mon, 06 Jul 2015 00:00:00 +0530 Fri, 19 Nov 2021 09:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298761 Section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, read with Regulation 22 of the 1961 General Regulations, requires the liquidator to repay the Corporation amounts paid to insured depositors out of liquidation realizations after making provision for liquidation expenses and dividend. The statutory scheme gives the Corporation priority over competing claims in the liquidation of cooperative banks, including claims of depositors, creditors, workmen and government dues, until reimbursement is made. Even a depositor's decree does not displace this statutory priority, because repayment to the Corporation must be satisfied first within the liquidation framework. Case-Laws Indian Laws Mon, 06 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298761