https://www.taxtmi.com/caselaws?id=427698 The MPID Act could not displace the Companies Act liquidation regime for a company already in liquidation, and the company court and Official Liquidator retained control over the assets. The Court held that the MPID framework operates in its own field to protect depositors, but does not create a parallel code for winding up or permit transfer of liquidation assets to MPID authorities. It further held that MPID authorities and the Designated Court lacked jurisdiction to administer the assets or adjudicate claims of depositors and other creditors in a manner that disturbed the statutory priority under company law. en-us Thu, 25 Aug 2022 00:00:00 +0530 Thu, 15 Sep 2022 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427698 The MPID Act could not displace the Companies Act liquidation regime for a company already in liquidation, and the company court and Official Liquidator retained control over the assets. The Court held that the MPID framework operates in its own field to protect depositors, but does not create a parallel code for winding up or permit transfer of liquidation assets to MPID authorities. It further held that MPID authorities and the Designated Court lacked jurisdiction to administer the assets or adjudicate claims of depositors and other creditors in a manner that disturbed the statutory priority under company law. Case-Laws Companies Law Thu, 25 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427698