https://www.taxtmi.com/caselaws?id=104393 A sale of secured assets by a secured creditor after presentation of a winding-up petition, but before the winding-up order, falls within the winding-up regime and requires Court approval under Sections 536(2) and 537 of the Companies Act, 1956; the sale can be confirmed if it is bona fide. After the 1985 amendments, the workmen's pari passu charge under Sections 529 and 529A must also be protected, so any approval of such a sale must safeguard the workmen's dues and allow the Official Liquidator to realise their share from the proceeds. The purchaser may be protected, but subject to conditions securing statutory priority. en-us Fri, 16 Oct 1998 00:00:00 +0530 Tue, 28 Feb 2012 18:41:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104393 A sale of secured assets by a secured creditor after presentation of a winding-up petition, but before the winding-up order, falls within the winding-up regime and requires Court approval under Sections 536(2) and 537 of the Companies Act, 1956; the sale can be confirmed if it is bona fide. After the 1985 amendments, the workmen's pari passu charge under Sections 529 and 529A must also be protected, so any approval of such a sale must safeguard the workmen's dues and allow the Official Liquidator to realise their share from the proceeds. The purchaser may be protected, but subject to conditions securing statutory priority. Case-Laws Companies Law Fri, 16 Oct 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104393