https://www.taxtmi.com/caselaws?id=109344 A banker's contractual and statutory general lien under section 171 of the Indian Contract Act, 1872 allowed appropriation of pledged and hypothecated sale proceeds towards the borrower's overall liability across accounts. The Court also held that a secured creditor enforcing its own security after winding up could recover interest under the Debts Recovery Tribunal order up to realisation. However, release of the sale proceeds had to preserve the pari passu priority of workmen's dues under section 529A of the Companies Act, 1956, so the bank was required to furnish an undertaking to reimburse the Official Liquidator to the extent of workmen's claims. en-us Fri, 30 Jan 2004 00:00:00 +0530 Wed, 26 Jun 2024 09:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109344 A banker's contractual and statutory general lien under section 171 of the Indian Contract Act, 1872 allowed appropriation of pledged and hypothecated sale proceeds towards the borrower's overall liability across accounts. The Court also held that a secured creditor enforcing its own security after winding up could recover interest under the Debts Recovery Tribunal order up to realisation. However, release of the sale proceeds had to preserve the pari passu priority of workmen's dues under section 529A of the Companies Act, 1956, so the bank was required to furnish an undertaking to reimburse the Official Liquidator to the extent of workmen's claims. Case-Laws Companies Law Fri, 30 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109344