https://www.taxtmi.com/caselaws?id=106704 A secured creditor with mortgage, hypothecation and charge over a company's assets may remain outside winding-up proceedings and realise the secured assets under the State Financial Corporations Act, 1951, without first being confined to the Banks and Financial Institutions Act or to a claim through the Official Liquidator. That position does not exclude judicial supervision: the secured creditor may take possession and sell the charged assets, but the sale and appropriation of proceeds remain subject to the Company Court's confirmation and control. The secured creditor must also bear its pro rata share of security expenses while the Official Liquidator retains possession. en-us Fri, 05 Apr 2002 00:00:00 +0530 Thu, 15 Mar 2012 13:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106704 A secured creditor with mortgage, hypothecation and charge over a company's assets may remain outside winding-up proceedings and realise the secured assets under the State Financial Corporations Act, 1951, without first being confined to the Banks and Financial Institutions Act or to a claim through the Official Liquidator. That position does not exclude judicial supervision: the secured creditor may take possession and sell the charged assets, but the sale and appropriation of proceeds remain subject to the Company Court's confirmation and control. The secured creditor must also bear its pro rata share of security expenses while the Official Liquidator retains possession. Case-Laws Companies Law Fri, 05 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106704