https://www.taxtmi.com/caselaws?id=109373 A secured creditor in liquidation may be permitted to remain outside the winding-up proceedings and enforce its rights independently, but only subject to safeguards protecting the liquidation estate. The Court accepted the creditor's right to proceed under the State Financial Corporations Act, 1951, yet refused an unconditional licence to sell the assets. Permission was made conditional on proper valuation, an appropriate upset price, adequate publicity for sale, court confirmation, deposit of sale proceeds with the Official Liquidator, and adjudication of the creditor's claim in accordance with law. en-us Fri, 20 Feb 2004 00:00:00 +0530 Mon, 09 Apr 2012 13:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109373 A secured creditor in liquidation may be permitted to remain outside the winding-up proceedings and enforce its rights independently, but only subject to safeguards protecting the liquidation estate. The Court accepted the creditor's right to proceed under the State Financial Corporations Act, 1951, yet refused an unconditional licence to sell the assets. Permission was made conditional on proper valuation, an appropriate upset price, adequate publicity for sale, court confirmation, deposit of sale proceeds with the Official Liquidator, and adjudication of the creditor's claim in accordance with law. Case-Laws Companies Law Fri, 20 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109373