https://www.taxtmi.com/caselaws?id=102380 After a winding up order, a secured creditor cannot invoke section 29(1) of the State Financial Corporations Act, 1951 to take possession and sell company assets without the leave of the company court, because the assets are deemed to be in the custody of the court and subject to the liquidator's control. Section 529A of the Companies Act, 1956 requires realisation of secured assets to respect the pari passu rights of workmen and secured creditors, so unilateral enforcement is not permitted. The official liquidator is therefore entitled to custody of the mortgaged and hypothecated assets and to receive the assets and net sale proceeds for administration under the Companies Act. en-us Wed, 14 Jul 1993 00:00:00 +0530 Tue, 14 Feb 2012 16:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102380 After a winding up order, a secured creditor cannot invoke section 29(1) of the State Financial Corporations Act, 1951 to take possession and sell company assets without the leave of the company court, because the assets are deemed to be in the custody of the court and subject to the liquidator's control. Section 529A of the Companies Act, 1956 requires realisation of secured assets to respect the pari passu rights of workmen and secured creditors, so unilateral enforcement is not permitted. The official liquidator is therefore entitled to custody of the mortgaged and hypothecated assets and to receive the assets and net sale proceeds for administration under the Companies Act. Case-Laws Companies Law Wed, 14 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102380