https://www.taxtmi.com/caselaws?id=103030 A secured creditor may exercise its statutory power of sale under section 29 of the State Financial Corporations Act, 1951 even after winding up, but only subject to the liquidation regime and the winding up court's jurisdiction under section 446 of the Companies Act, 1956. Sections 529 and 529A create a pari passu charge for workmen and corresponding rights for secured creditors, so the liquidator must ensure rateable distribution of sale proceeds when assets are insufficient to satisfy all claims in full. The secured creditor cannot appropriate the security free of these statutory priorities. en-us Mon, 18 Dec 1995 00:00:00 +0530 Mon, 20 Feb 2012 13:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103030 A secured creditor may exercise its statutory power of sale under section 29 of the State Financial Corporations Act, 1951 even after winding up, but only subject to the liquidation regime and the winding up court's jurisdiction under section 446 of the Companies Act, 1956. Sections 529 and 529A create a pari passu charge for workmen and corresponding rights for secured creditors, so the liquidator must ensure rateable distribution of sale proceeds when assets are insufficient to satisfy all claims in full. The secured creditor cannot appropriate the security free of these statutory priorities. Case-Laws Companies Law Mon, 18 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103030