https://www.taxtmi.com/caselaws?id=105300 Where winding-up had already commenced and the official liquidator had taken possession, secured creditors invoking special recovery statutes could proceed with enforcement, but they could not claim a preferential right to sell the company's assets to the exclusion of other creditors. The saving clauses in the relevant statutes were treated as preventing any such priority once liquidation had begun. The company court could also regulate sale of the assets through a supervised sale committee under the Companies (Court) Rules, 1959, and inclusion of a workmen's representative on that committee was permitted because section 529(1) did not bar such participation in the sale process. en-us Wed, 12 Mar 1997 00:00:00 +0530 Mon, 05 Mar 2012 11:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105300 Where winding-up had already commenced and the official liquidator had taken possession, secured creditors invoking special recovery statutes could proceed with enforcement, but they could not claim a preferential right to sell the company's assets to the exclusion of other creditors. The saving clauses in the relevant statutes were treated as preventing any such priority once liquidation had begun. The company court could also regulate sale of the assets through a supervised sale committee under the Companies (Court) Rules, 1959, and inclusion of a workmen's representative on that committee was permitted because section 529(1) did not bar such participation in the sale process. Case-Laws Companies Law Wed, 12 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105300