JUDGMENT :

(G.S. Patel J.) -

1. The two Appeals, both disposed of by this common order and judgment, are by the State of Maharashtra. The appeals are on a matter of principle. Very shortly stated, the concern of the State Government, as voiced by the learned Advocate-General, Mr Kumbhakoni, is that as a result of the impugned orders dated 9th June 2017, the beneficial provisions of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act 1999 (“the MPID Act”) are entirely denuded and reduced to meaninglessness when the financial establishment in question is a corporate entity in liquidation. In that situation, Mr Kumbhakoni argues, the assets of the company are vested in the Official Liquidator (“OL”). It is the OL who then invites claims and makes a distribution of the sale proceeds of the company’s assets in order of priority prescribed by statute, that is to say by the Companies Act. Only whatever is left, and Mr Kumbhakoni says there is almost always nothing left, is then made available to the MPID Court for distribution amongst the hapless depositors. They are all treated as unsecured creditors of the company in liquidation and enjoy no priority a