Depositors haveto be treated as secured creditors as regards properties attached by Govt - Special Court established under Act of 1997 does not have power to adjudicate a person as an Insolvent.

Citation

AIROnline 2022 MAD 127

Madras High Court

M. DURAISWAMY , J. and SUNDER MOHAN , J.

O.S.A. - 71 of 2019 D/- 6 - 9 - 2022

M/s.lcs Foundations Chennai v. J.pattabiraman

(C)Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act (44 of

1997), S.3 - Presidency-Towns Insolvency Act (3 of 1909), S.17 - Depositors - Depositors have

to be treated as secured creditors as regards properties attached by Govt.