Workmen's Wage Interest Claims Unjustified Without Contract or Statute; Rule 179 Applies Only with Surplus Funds.

Workmen's Wage Interest Claims Unjustified Without Contract or Statute; Rule 179 Applies Only with Surplus Funds. https://www.taxtmi.com/highlights?id=71019 Workmen's claim for interest on wages - Company under liquidation - without a valid contractual provision or statutory basis supporting the payment of interest, and considering the nature of the workmen's claim, it is not justifiable to equate their situation with that of the secured creditors for the purpose of interest payment. Interest payment for workmen would only arise if there is a surplus, which triggers the application of Rule 179 and not otherwise. - HC en-us Fri, 21 Jul 2023 08:25:19 +0530 Fri, 21 Jul 2023 08:25:19 +0530 TaxTMI RSS Generator Workmen's Wage Interest Claims Unjustified Without Contract or Statute; Rule 179 Applies Only with Surplus Funds. https://www.taxtmi.com/highlights?id=71019 Workmen's claim for interest on wages - Company under liquidation - without a valid contractual provision or statutory basis supporting the payment of interest, and considering the nature of the workmen's claim, it is not justifiable to equate their situation with that of the secured creditors for the purpose of interest payment. Interest payment for workmen would only arise if there is a surplus, which triggers the application of Rule 179 and not otherwise. - HC Highlights Companies Law Fri, 21 Jul 2023 08:25:19 +0530 https://www.taxtmi.com/highlights?id=71019