https://www.taxtmi.com/caselaws?id=103231 A secured creditor enforcing security under section 29 of the State Financial Corporations Act can realise that security without leave of the company court after a winding-up order, because the creditor acts on its own security rather than against the company's general estate. The company's property being deemed in the custody of the court does not by itself extinguish that independent enforcement right. The amendments to sections 529 and 529A of the Companies Act preserve the secured creditor's ability to stand outside winding up, while requiring protection of the workmen's pari passu charge in the realised proceeds. en-us Fri, 07 Oct 1994 00:00:00 +0530 Tue, 21 Feb 2012 17:09:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103231 A secured creditor enforcing security under section 29 of the State Financial Corporations Act can realise that security without leave of the company court after a winding-up order, because the creditor acts on its own security rather than against the company's general estate. The company's property being deemed in the custody of the court does not by itself extinguish that independent enforcement right. The amendments to sections 529 and 529A of the Companies Act preserve the secured creditor's ability to stand outside winding up, while requiring protection of the workmen's pari passu charge in the realised proceeds. Case-Laws Companies Law Fri, 07 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103231