https://www.taxtmi.com/caselaws?id=110729 On winding up of a company, a secured creditor's power under section 29 of the State Financial Corporations Act cannot be exercised independently of the workmen's pari passu rights under sections 529 and 529A of the Companies Act. The Official Liquidator must be associated with any realisation or sale of secured assets, and the process remains under the supervision of the Company Court. The Official Liquidator may also sell the company's movable and immovable properties with the assistance of secured creditors, subject to court confirmation, and may invite claims from workers and unsecured creditors in accordance with the Companies (Court) Rules. en-us Thu, 02 Feb 2006 00:00:00 +0530 Wed, 18 Apr 2012 13:32:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110729 On winding up of a company, a secured creditor's power under section 29 of the State Financial Corporations Act cannot be exercised independently of the workmen's pari passu rights under sections 529 and 529A of the Companies Act. The Official Liquidator must be associated with any realisation or sale of secured assets, and the process remains under the supervision of the Company Court. The Official Liquidator may also sell the company's movable and immovable properties with the assistance of secured creditors, subject to court confirmation, and may invite claims from workers and unsecured creditors in accordance with the Companies (Court) Rules. Case-Laws Companies Law Thu, 02 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110729