https://www.taxtmi.com/caselaws?id=104042 In winding up, a secured creditor must obtain leave of the company court before instituting proceedings against the company, and such leave may be granted on protective terms. Leave was allowed to commence the suit, subject to costs and to further orders before execution of any decree. The court refused appointment of a separate receiver over the mortgaged and hypothecated properties because the official liquidator already holds custody of the company's assets and safeguards the estate. Leave to sell the charged assets and realise dues was also declined, since unilateral sale would disturb the company court's control over the liquidation estate and prejudice the pari passu rights of other creditors and workmen. en-us Mon, 04 Dec 1995 00:00:00 +0530 Mon, 27 Feb 2012 13:18:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104042 In winding up, a secured creditor must obtain leave of the company court before instituting proceedings against the company, and such leave may be granted on protective terms. Leave was allowed to commence the suit, subject to costs and to further orders before execution of any decree. The court refused appointment of a separate receiver over the mortgaged and hypothecated properties because the official liquidator already holds custody of the company's assets and safeguards the estate. Leave to sell the charged assets and realise dues was also declined, since unilateral sale would disturb the company court's control over the liquidation estate and prejudice the pari passu rights of other creditors and workmen. Case-Laws Companies Law Mon, 04 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104042