https://www.taxtmi.com/caselaws?id=108486 After the 1985 amendments to the Companies Act, 1956, workmen acquire a pari passu charge over the security of a secured creditor when that creditor realises its security outside winding up. In a winding up, the Official Liquidator represents that charge and acts under the supervision of the Company Court. The special power of sale under section 29 of the State Financial Corporations Act, 1951 remains available only until a winding up order is made; once liquidation begins, the secured creditor cannot sell unilaterally and must obtain the consent of the Official Liquidator or seek directions from the Company Court. en-us Wed, 05 Mar 2003 00:00:00 +0530 Fri, 26 Dec 2025 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108486 After the 1985 amendments to the Companies Act, 1956, workmen acquire a pari passu charge over the security of a secured creditor when that creditor realises its security outside winding up. In a winding up, the Official Liquidator represents that charge and acts under the supervision of the Company Court. The special power of sale under section 29 of the State Financial Corporations Act, 1951 remains available only until a winding up order is made; once liquidation begins, the secured creditor cannot sell unilaterally and must obtain the consent of the Official Liquidator or seek directions from the Company Court. Case-Laws Companies Law Wed, 05 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108486