https://www.taxtmi.com/caselaws?id=104032 Once winding up has commenced, the company court retains control over the company's assets, claims, priorities and sale of assets, and a secured financial institution cannot enforce Section 29 of the State Financial Corporations Act, 1951 independently of that jurisdiction. Section 29 operates subject to the Companies Act, 1956, so leave and supervision of the company court are required before realisation of assets in liquidation. Leave under Section 446(1) is also necessary for pending proceedings to continue against the company, and automatic leave is inappropriate where it would bypass the statutory scheme for workmen's dues and secured creditors' priorities; the proper course is transfer to the company court. en-us Fri, 22 Sep 1995 00:00:00 +0530 Mon, 27 Feb 2012 13:09:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104032 Once winding up has commenced, the company court retains control over the company's assets, claims, priorities and sale of assets, and a secured financial institution cannot enforce Section 29 of the State Financial Corporations Act, 1951 independently of that jurisdiction. Section 29 operates subject to the Companies Act, 1956, so leave and supervision of the company court are required before realisation of assets in liquidation. Leave under Section 446(1) is also necessary for pending proceedings to continue against the company, and automatic leave is inappropriate where it would bypass the statutory scheme for workmen's dues and secured creditors' priorities; the proper course is transfer to the company court. Case-Laws Companies Law Fri, 22 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104032