Section 112 in The Delhi Co-operative Societies Rules, 2007
112. Interest on amount due from co-operative society under liquidation.
- A creditor of the co-operative society under liquidation, may apply to the liquidator for payment of interest on any debt due to him from the co-operative society up to the date of order of winding up by the Registrar. The rate at which the interest may be paid shall be in the case of Financing Bank, the contract rate and in any other case the rate which may be fixed by the Registrar, which shall not exceed the contract rate. Provided that if any surplus assets remained after all the liabilities including the liabilities on shares have been paid off, further interest at rate not exceeding contract rate may be allowed by the Registrar to the creditors from the date mentioned above till the date of repayment of the principal.
