https://www.taxtmi.com/caselaws?id=110300 A secured creditor may stand outside winding up and realise its security, but after a winding up order it must still notify the Official Liquidator of the amount due so claims can be verified for pari passu distribution among secured creditors and workmen. A State Financial Corporation does not enjoy a superior footing over other secured creditors merely because it has section 29 powers, and those powers remain subject to Company Court supervision after winding up. Failure to lodge the claim within the time fixed does not extinguish the substantive right, and a later notified claim may still be taken into account before distribution. Disputed entitlement of financial institutions lies before the Debt Recovery Tribunal, while the Company Court may direct distribution only of admitted or undisputed realised proceeds under the Companies Act priority scheme. en-us Thu, 16 Dec 2004 00:00:00 +0530 Mon, 16 Apr 2012 11:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110300 A secured creditor may stand outside winding up and realise its security, but after a winding up order it must still notify the Official Liquidator of the amount due so claims can be verified for pari passu distribution among secured creditors and workmen. A State Financial Corporation does not enjoy a superior footing over other secured creditors merely because it has section 29 powers, and those powers remain subject to Company Court supervision after winding up. Failure to lodge the claim within the time fixed does not extinguish the substantive right, and a later notified claim may still be taken into account before distribution. Disputed entitlement of financial institutions lies before the Debt Recovery Tribunal, while the Company Court may direct distribution only of admitted or undisputed realised proceeds under the Companies Act priority scheme. Case-Laws Companies Law Thu, 16 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110300