49(6) of presidency towns insolvency act

dheepak srinivasa (Querist) 07 May 2016 This query is : Resolved
Will be happy to get help on judgements upholding Section 49 (6) of Presidency Towns Insolvency Act.

Issue:

My client has been adjudicated insolvent and currently the estate is in surplus. The Official Assignee is not going by the Section referred above and is taking a stand that contractual rate will be applicable after paying principal +6% interest pa from date of adjudication.

But Section 49(6) of Act says only 6% from date of adjudication and all excess remaining after this to be refunded to insolvent.

Therefore I seek guidance on the above issue with judgements if possible.

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Devajyoti Barman (Expert) 07 May 2016
professional query............citations are not supplied either.

P. Venu (Expert) 08 May 2016
It is better the matter is brought to the notice of the Court.

Rajendra K Goyal (Expert) 08 May 2016
Judgment / reference cases / ruling / citation / decided cases not supplied in this section.

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