https://www.taxtmi.com/caselaws?id=101918 A secured creditor under section 29 of the State Financial Corporations Act, 1951 may enforce its security directly by taking possession and transferring the secured assets, without first filing a civil suit, because the statutory remedy operates independently of ordinary mortgage enforcement procedures. Section 32(10) applies to proceedings under section 31 and does not curtail action under section 29. In winding up, a secured creditor may realise its security without leave of the company court if it does not use court-driven process; where possession was taken before the winding-up order, section 537 of the Companies Act, 1956 does not invalidate the sale. The sale is not liable to be set aside absent fraud, collusion, mala fides, or gross inadequacy of price. en-us Wed, 15 Nov 1989 00:00:00 +0530 Mon, 13 Feb 2012 11:39:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101918 A secured creditor under section 29 of the State Financial Corporations Act, 1951 may enforce its security directly by taking possession and transferring the secured assets, without first filing a civil suit, because the statutory remedy operates independently of ordinary mortgage enforcement procedures. Section 32(10) applies to proceedings under section 31 and does not curtail action under section 29. In winding up, a secured creditor may realise its security without leave of the company court if it does not use court-driven process; where possession was taken before the winding-up order, section 537 of the Companies Act, 1956 does not invalidate the sale. The sale is not liable to be set aside absent fraud, collusion, mala fides, or gross inadequacy of price. Case-Laws Companies Law Wed, 15 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101918