https://www.taxtmi.com/caselaws?id=103176 Workmen's pari passu charge over a company's secured assets restricts a secured creditor's contractual or statutory power of sale during winding up. Sections 529 and 529A of the Companies Act require the official liquidator, representing workmen, to participate in any sale, with the company court supervising valuation, reserve price, sale procedure and distribution of proceeds. Leave of court is therefore necessary; unilateral sale by the secured creditor is impermissible while the charge subsists. The enforcement power under the State Financial Corporations Act operates subject to these workmen's rights and court control, as no inconsistency displaces the pari passu charge. en-us Fri, 16 Jul 1993 00:00:00 +0530 Mon, 22 Apr 2019 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103176 Workmen's pari passu charge over a company's secured assets restricts a secured creditor's contractual or statutory power of sale during winding up. Sections 529 and 529A of the Companies Act require the official liquidator, representing workmen, to participate in any sale, with the company court supervising valuation, reserve price, sale procedure and distribution of proceeds. Leave of court is therefore necessary; unilateral sale by the secured creditor is impermissible while the charge subsists. The enforcement power under the State Financial Corporations Act operates subject to these workmen's rights and court control, as no inconsistency displaces the pari passu charge. Case-Laws Companies Law Fri, 16 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103176