Section 89 in The Arunachal Pradesh Co-operative Societies Rules, 1984
89. Interest on amounts due from a society under liquidation.
- The creditor of a society, which is being wound up, may apply to the Liquidator for payment of interest of any debt due from the society up to the date of the Registrar's order for winding up. The rate at which interest shall be paid shall be in the case of a Co-operative Bank permitted by the Registrar to finance societies, 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 remain after all the liabilities, including liabilities on shares, have been paid off, further interest on such debts at a rate to be fixed by the Registrar but not exceeding the contract rate, may be allowed to the creditors from the date mentioned above up to the date of the repayment of the principal.
