https://www.taxtmi.com/caselaws?id=103634 A secured financial corporation that had already taken possession of a company's assets before a winding-up order could retain possession and proceed under its special statutory powers, because the overriding clause in the State Financial Corporations Act prevailed over inconsistent Companies Act provisions. However, workmen's dues and pari passu treatment with secured creditors in winding up remained protected, so sale and distribution had to respect those rights. The company's records were required to be handed to the official liquidator to enable statutory compliance. To balance these interests, possession was continued with the corporation, but subject to court supervision through a committee overseeing management, sale, and legal compliance. en-us Fri, 03 Apr 1998 00:00:00 +0530 Fri, 24 Feb 2012 11:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103634 A secured financial corporation that had already taken possession of a company's assets before a winding-up order could retain possession and proceed under its special statutory powers, because the overriding clause in the State Financial Corporations Act prevailed over inconsistent Companies Act provisions. However, workmen's dues and pari passu treatment with secured creditors in winding up remained protected, so sale and distribution had to respect those rights. The company's records were required to be handed to the official liquidator to enable statutory compliance. To balance these interests, possession was continued with the corporation, but subject to court supervision through a committee overseeing management, sale, and legal compliance. Case-Laws Companies Law Fri, 03 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103634