https://www.taxtmi.com/caselaws?id=467887 The Deposit Insurance and Credit Guarantee Corporation Act, 1961 gives the Corporation a statutory right to recover amounts paid to depositors from the liquidator. Section 21, read with Regulation 22, operates notwithstanding conflicting law and requires repayment once the liquidator's realisations, after provision for expenses, are sufficient to enable a dividend of at least one paisa in the rupee to each depositor. The scheme does not create a general priority over all creditors, but it does require the Corporation's repayment to be made before further distribution to other claimants once the statutory threshold is met. The liquidator must therefore apply the repayment mechanism before distributing surplus funds. en-us Tue, 23 Feb 2016 00:00:00 +0530 Wed, 08 Apr 2026 18:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467887 The Deposit Insurance and Credit Guarantee Corporation Act, 1961 gives the Corporation a statutory right to recover amounts paid to depositors from the liquidator. Section 21, read with Regulation 22, operates notwithstanding conflicting law and requires repayment once the liquidator's realisations, after provision for expenses, are sufficient to enable a dividend of at least one paisa in the rupee to each depositor. The scheme does not create a general priority over all creditors, but it does require the Corporation's repayment to be made before further distribution to other claimants once the statutory threshold is met. The liquidator must therefore apply the repayment mechanism before distributing surplus funds. Case-Laws Indian Laws Tue, 23 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467887