https://www.taxtmi.com/caselaws?id=108381 A secured creditor may be permitted to remain outside winding up proceedings and realise its security where the court is satisfied that the course will not prejudice the liquidation process or the interests of other stakeholders. The HC found the bank to be an undisputed secured creditor and held that the absence of a filed statement of affairs did not bar relief. Permission was granted subject to safeguards, including valuation, fixation of upset price, public notice, court confirmation, deposit of sale proceeds, and adjudication of the bank's claim by the Official Liquidator. en-us Mon, 27 Jan 2003 00:00:00 +0530 Sat, 31 Mar 2012 13:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108381 A secured creditor may be permitted to remain outside winding up proceedings and realise its security where the court is satisfied that the course will not prejudice the liquidation process or the interests of other stakeholders. The HC found the bank to be an undisputed secured creditor and held that the absence of a filed statement of affairs did not bar relief. Permission was granted subject to safeguards, including valuation, fixation of upset price, public notice, court confirmation, deposit of sale proceeds, and adjudication of the bank's claim by the Official Liquidator. Case-Laws Companies Law Mon, 27 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108381