In Brief
The Maharashtra State Co-operative Bank sought to transfer Rs. 3.52 crores (plus accrued interest) deposited with the Supreme Court to the District Collector for distribution to sugar factory employees. The Court upheld the bank's earlier judgment obligation to pay employee wages from sale proceeds. It directed both the bank's deposit (Rs. 4.96 crores with interest) and funds held by the Industrial Court (Rs. 13.89 crores) be transferred to the Collector for transparent disbursement to identified employees and their legal heirs with 7.5% interest on respective dues. Any surplus after employee payment would go to the bank. The Collector must complete disbursement by 31 December 2023.
The lawyer headnote and full judgment text are available to registered users.