Bombay High Court Dismisses Bank's Claim for Interest During Liquidation Period, Upholds Workers' Priority for Unpaid Wages. The court held that interest on credit facilities ceases to accrue upon commencement of liquidation under the Maharashtra Co-operative Societies Act, 1960, and that workers' wages have priority over secured creditors under Section 529A of the Companies Act, 1956 read with Section 114 of the MCS Act.
14 Oct 2022The Petitioner-Bank, The Maharashtra State Co-operative Bank Ltd, had extended credit facilities to a co-operative society which subsequently went int...
