https://www.taxtmi.com/caselaws?id=105491 During the pendency of winding-up proceedings, execution or sale against a company's assets could not proceed without leave of the company court, because the provisions governing pending proceedings and enforcement operated in different fields and the winding-up process related back to the date of presentation of the petition. A proposed sale affecting the company's estate was therefore restrained. The bank was not treated as a secured creditor for enforcement purposes, because its award was only a money decree and did not establish enforcement of any specific security over identified assets; it was therefore treated as an unsecured creditor and was not entitled to immediate leave to execute. The objection based on lack of locus standi failed. en-us Mon, 06 Aug 2001 00:00:00 +0530 Mon, 05 Mar 2012 18:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105491 During the pendency of winding-up proceedings, execution or sale against a company's assets could not proceed without leave of the company court, because the provisions governing pending proceedings and enforcement operated in different fields and the winding-up process related back to the date of presentation of the petition. A proposed sale affecting the company's estate was therefore restrained. The bank was not treated as a secured creditor for enforcement purposes, because its award was only a money decree and did not establish enforcement of any specific security over identified assets; it was therefore treated as an unsecured creditor and was not entitled to immediate leave to execute. The objection based on lack of locus standi failed. Case-Laws Companies Law Mon, 06 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105491