https://www.taxtmi.com/caselaws?id=104692 A sale of a company's assets by a State Financial Corporation under section 29 of the State Financial Corporations Act, 1951, after commencement of winding up and without leave of the Court, is vulnerable to section 537 of the Companies Act, 1956. That statutory power must be read consistently with sections 529 and 529A, which protect workmen's dues and the pari passu charge over secured debts in winding up. Where those priorities may be affected, Court leave is required. On the facts noted, the sale was not disturbed because it had already been completed and no material showed existing workmen's dues, but the sale proceeds were to remain available for any such claims. en-us Fri, 24 Mar 2000 00:00:00 +0530 Thu, 01 Mar 2012 10:21:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104692 A sale of a company's assets by a State Financial Corporation under section 29 of the State Financial Corporations Act, 1951, after commencement of winding up and without leave of the Court, is vulnerable to section 537 of the Companies Act, 1956. That statutory power must be read consistently with sections 529 and 529A, which protect workmen's dues and the pari passu charge over secured debts in winding up. Where those priorities may be affected, Court leave is required. On the facts noted, the sale was not disturbed because it had already been completed and no material showed existing workmen's dues, but the sale proceeds were to remain available for any such claims. Case-Laws Companies Law Fri, 24 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104692