https://www.taxtmi.com/caselaws?id=104210 In a winding up, section 529A of the Companies Act, 1956 gives workmen's dues overriding priority and requires them to rank pari passu with the secured creditor's recoverable debt. Although the secured creditor was governed by the State Financial Corporations Act, 1951 and that Act contained its own non obstante clause, the later Companies Act amendment, enacted to protect workmen's dues, prevailed in the area of conflict. A secured creditor selling assets in winding up could not appropriate the entire sale proceeds to itself and had to preserve the workmen's statutory share in distribution. en-us Tue, 10 Aug 1999 00:00:00 +0530 Tue, 28 Feb 2012 12:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104210 In a winding up, section 529A of the Companies Act, 1956 gives workmen's dues overriding priority and requires them to rank pari passu with the secured creditor's recoverable debt. Although the secured creditor was governed by the State Financial Corporations Act, 1951 and that Act contained its own non obstante clause, the later Companies Act amendment, enacted to protect workmen's dues, prevailed in the area of conflict. A secured creditor selling assets in winding up could not appropriate the entire sale proceeds to itself and had to preserve the workmen's statutory share in distribution. Case-Laws Companies Law Tue, 10 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104210