https://www.taxtmi.com/caselaws?id=103581 Where winding up has commenced, a secured creditor cannot unilaterally sell the company's assets without leave of the Company Court, because the court's custody over the property and the pari passu rights of workmen under the Companies Act, 1956 must be respected; a sale made without such leave is void. The sick industrial company regime did not displace this requirement, as the two statutes were read harmoniously and the special Act's sale powers could not be used in derogation of the Company Court's control during winding up. The operative effect is that any sale of assets in this situation must conform to the workmen's charge and obtain court approval. en-us Thu, 29 Jan 1998 00:00:00 +0530 Thu, 23 Feb 2012 18:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103581 Where winding up has commenced, a secured creditor cannot unilaterally sell the company's assets without leave of the Company Court, because the court's custody over the property and the pari passu rights of workmen under the Companies Act, 1956 must be respected; a sale made without such leave is void. The sick industrial company regime did not displace this requirement, as the two statutes were read harmoniously and the special Act's sale powers could not be used in derogation of the Company Court's control during winding up. The operative effect is that any sale of assets in this situation must conform to the workmen's charge and obtain court approval. Case-Laws Companies Law Thu, 29 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103581