https://www.taxtmi.com/caselaws?id=103644 The port authority's statutory power under the Major Port Trusts Act to arrest and sell a vessel for unpaid dues was treated as a special, vessel-attaching remedy that operated outside ordinary winding up administration. The text states that this statutory priority prevailed over the claims of secured and unsecured creditors, and that sections 529 and 529A of the Companies Act, 1956 did not displace it. It also states that leave of the company court under section 446 was not required for exercise of the distraint and sale power, and that the court could not redirect that right to the sale proceeds without the port authority's consent. en-us Thu, 16 Apr 1998 00:00:00 +0530 Fri, 06 May 2022 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103644 The port authority's statutory power under the Major Port Trusts Act to arrest and sell a vessel for unpaid dues was treated as a special, vessel-attaching remedy that operated outside ordinary winding up administration. The text states that this statutory priority prevailed over the claims of secured and unsecured creditors, and that sections 529 and 529A of the Companies Act, 1956 did not displace it. It also states that leave of the company court under section 446 was not required for exercise of the distraint and sale power, and that the court could not redirect that right to the sale proceeds without the port authority's consent. Case-Laws Companies Law Thu, 16 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103644