https://www.taxtmi.com/caselaws?id=110295 In winding up, a secured creditor retains its security, but enforcement and distribution of realised proceeds must proceed within the liquidation framework under the supervision of the Company Court and Official Liquidator. A State Financial Corporation has additional statutory powers, yet it is not in a legally superior position to other secured creditors and remains subject to the Companies Act, 1956. The secured creditor must notify the amount due so the claim can be verified and competing claims, including workmen's dues, can be worked out on a pari passu basis. The Official Liquidator must consider notified claims, may verify their prima facie correctness, and must refer disputes to the Court. en-us Mon, 13 Dec 2004 00:00:00 +0530 Mon, 16 Apr 2012 11:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110295 In winding up, a secured creditor retains its security, but enforcement and distribution of realised proceeds must proceed within the liquidation framework under the supervision of the Company Court and Official Liquidator. A State Financial Corporation has additional statutory powers, yet it is not in a legally superior position to other secured creditors and remains subject to the Companies Act, 1956. The secured creditor must notify the amount due so the claim can be verified and competing claims, including workmen's dues, can be worked out on a pari passu basis. The Official Liquidator must consider notified claims, may verify their prima facie correctness, and must refer disputes to the Court. Case-Laws Companies Law Mon, 13 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110295