https://www.taxtmi.com/caselaws?id=101049 The court allowed the appeal, overturning the company judge's decision and granting leave to a bank to proceed with a pending suit under section 446 of the Companies Act, 1956. The judgment emphasized the necessity of court permission for secured creditors to continue legal actions in winding-up proceedings, even if initiated before the winding-up order. Secured creditors, like the bank in this case, must seek court approval to pursue pending suits against company assets, highlighting the importance of complying with statutory provisions to protect the rights of secured creditors in the winding-up process. en-us Mon, 29 Aug 1983 00:00:00 +0530 Wed, 08 Feb 2012 13:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101049 The court allowed the appeal, overturning the company judge's decision and granting leave to a bank to proceed with a pending suit under section 446 of the Companies Act, 1956. The judgment emphasized the necessity of court permission for secured creditors to continue legal actions in winding-up proceedings, even if initiated before the winding-up order. Secured creditors, like the bank in this case, must seek court approval to pursue pending suits against company assets, highlighting the importance of complying with statutory provisions to protect the rights of secured creditors in the winding-up process. Case-Laws Companies Law Mon, 29 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101049