https://www.taxtmi.com/caselaws?id=96735 An attachment of company assets not completed by sale before commencement of winding up could not prevail over the collective rights of creditors, because no Indian statutory provision gave such an attachment the effect of a completed execution. The Court applied pari passu distribution as the proper approach in voluntary liquidation and found no special circumstances to justify departure from that rule. It therefore preferred court-supervised winding up for protection of the creditor body as a whole, stayed the execution and other proceedings, admitted the winding-up petition, and appointed a provisional liquidator. en-us Wed, 25 Nov 1936 00:00:00 +0530 Tue, 10 Jan 2012 16:37:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96735 An attachment of company assets not completed by sale before commencement of winding up could not prevail over the collective rights of creditors, because no Indian statutory provision gave such an attachment the effect of a completed execution. The Court applied pari passu distribution as the proper approach in voluntary liquidation and found no special circumstances to justify departure from that rule. It therefore preferred court-supervised winding up for protection of the creditor body as a whole, stayed the execution and other proceedings, admitted the winding-up petition, and appointed a provisional liquidator. Case-Laws Companies Law Wed, 25 Nov 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96735