https://www.taxtmi.com/caselaws?id=104847 Section 29 of the State Financial Corporations Act gives a Financial Corporation a statutory right to take over and sell a defaulting industrial concern's assets, but that right is subject to the pari passu workmen's charge created by the proviso to section 529(1) of the Companies Act and the overriding priority given by section 529A. The later Companies Act provisions control the earlier special statute in winding up, so the Corporation's recovery powers must be exercised with the Company Court's supervision through the Official Liquidator. The stated legal position is that conditions preserving workmen's dues are lawful and the Corporation cannot ignore that charge. en-us Wed, 09 Aug 2000 00:00:00 +0530 Tue, 17 Jun 2014 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104847 Section 29 of the State Financial Corporations Act gives a Financial Corporation a statutory right to take over and sell a defaulting industrial concern's assets, but that right is subject to the pari passu workmen's charge created by the proviso to section 529(1) of the Companies Act and the overriding priority given by section 529A. The later Companies Act provisions control the earlier special statute in winding up, so the Corporation's recovery powers must be exercised with the Company Court's supervision through the Official Liquidator. The stated legal position is that conditions preserving workmen's dues are lawful and the Corporation cannot ignore that charge. Case-Laws Companies Law Wed, 09 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104847