https://www.taxtmi.com/caselaws?id=103171 A secured creditor that had already taken possession of a company's assets before the winding-up order could realise those assets under section 29 of the State Financial Corporations Act, 1951, without leave of court, because section 46B gave the Act overriding effect over inconsistent laws. The Court noted that such sale could be challenged only if shown to be not bona fide or driven by extraneous considerations. It also recognised the need to protect workmen's dues under section 529A of the Companies Act, 1956, and accepted arrangements for valuation, publicity, and keeping the workmen's share available. RIICO was therefore permitted to remain outside the winding-up proceedings. en-us Wed, 10 Feb 1993 00:00:00 +0530 Tue, 21 Feb 2012 12:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103171 A secured creditor that had already taken possession of a company's assets before the winding-up order could realise those assets under section 29 of the State Financial Corporations Act, 1951, without leave of court, because section 46B gave the Act overriding effect over inconsistent laws. The Court noted that such sale could be challenged only if shown to be not bona fide or driven by extraneous considerations. It also recognised the need to protect workmen's dues under section 529A of the Companies Act, 1956, and accepted arrangements for valuation, publicity, and keeping the workmen's share available. RIICO was therefore permitted to remain outside the winding-up proceedings. Case-Laws Companies Law Wed, 10 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103171