https://www.taxtmi.com/caselaws?id=103112 A secured creditor under the State Financial Corporations Act, 1951 may remain outside winding up and realise the charged assets by exercising section 29 powers to take possession and sell the property without leave of the company court. Section 537 of the Companies Act, 1956 was treated as confined to sales through court intervention and did not late an independent statutory sale under the special Act. Section 529A was held not to curtail those special recovery powers or require the official liquidator to control the sale. The court also held that it had no power to make a reference to BIFR unless the reference was made by a person authorised under the Sick Industrial Companies Act, 1985. en-us Fri, 06 Apr 1990 00:00:00 +0530 Mon, 20 Feb 2012 17:51:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103112 A secured creditor under the State Financial Corporations Act, 1951 may remain outside winding up and realise the charged assets by exercising section 29 powers to take possession and sell the property without leave of the company court. Section 537 of the Companies Act, 1956 was treated as confined to sales through court intervention and did not late an independent statutory sale under the special Act. Section 529A was held not to curtail those special recovery powers or require the official liquidator to control the sale. The court also held that it had no power to make a reference to BIFR unless the reference was made by a person authorised under the Sick Industrial Companies Act, 1985. Case-Laws Companies Law Fri, 06 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103112