https://www.taxtmi.com/caselaws?id=110524 A State Financial Corporation may complete sale of mortgaged property under section 29 of the State Financial Corporations Act until a winding up order is actually made, but once winding up supervenes the company court must protect the workmen's pari passu charge under sections 529 and 529A of the Companies Act, 1956. A sale completed after presentation of the winding up petition was not treated as invalid on that basis alone. The transaction was also not regarded as fraudulent preference on the facts. The sale was sustained subject to directions requiring unpaid consideration to be deposited with the official liquidator and possession to be delivered conditionally to safeguard workmen's dues. en-us Fri, 13 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 12:44:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110524 A State Financial Corporation may complete sale of mortgaged property under section 29 of the State Financial Corporations Act until a winding up order is actually made, but once winding up supervenes the company court must protect the workmen's pari passu charge under sections 529 and 529A of the Companies Act, 1956. A sale completed after presentation of the winding up petition was not treated as invalid on that basis alone. The transaction was also not regarded as fraudulent preference on the facts. The sale was sustained subject to directions requiring unpaid consideration to be deposited with the official liquidator and possession to be delivered conditionally to safeguard workmen's dues. Case-Laws Companies Law Fri, 13 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110524