https://www.taxtmi.com/caselaws?id=102623 Section 29 of the State Financial Corporations Act permits a State Financial Corporation to realise secured dues by sale of industrial assets, and it is not confined to selling the concern as a single unit where separate sale of machinery and of land and building better secures recovery. Section 529A of the Companies Act gives workmen's dues overriding preferential status pari passu with secured creditors, but it does not, on these facts, displace the corporation's power under section 29. The result is that separate sale of assets remained legally permissible and the challenge to the exercise of statutory power failed. en-us Thu, 01 Sep 1994 00:00:00 +0530 Wed, 15 Feb 2012 15:34:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102623 Section 29 of the State Financial Corporations Act permits a State Financial Corporation to realise secured dues by sale of industrial assets, and it is not confined to selling the concern as a single unit where separate sale of machinery and of land and building better secures recovery. Section 529A of the Companies Act gives workmen's dues overriding preferential status pari passu with secured creditors, but it does not, on these facts, displace the corporation's power under section 29. The result is that separate sale of assets remained legally permissible and the challenge to the exercise of statutory power failed. Case-Laws Companies Law Thu, 01 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102623