https://www.taxtmi.com/caselaws?id=110821 Section 529A of the Companies Act, 1956 secures pari passu treatment between workmen and secured creditors, but it does not extinguish inter se priority among secured creditors; the prior first charge holder therefore retains precedence over the second charge holder. Section 48 of the Transfer of Property Act, 1882 continues to apply in company liquidation, so a later charge remains subject to an earlier charge and contractual subordination remains effective. Filing a claim before the Official Liquidator does not, by itself, amount to relinquishment of security under section 47 of the Provincial Insolvency Act, 1920; relinquishment requires a conscious and express surrender. The appellant thus remained a secured creditor with prior charge rights. en-us Fri, 28 Apr 2006 00:00:00 +0530 Fri, 20 Dec 2013 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110821 Section 529A of the Companies Act, 1956 secures pari passu treatment between workmen and secured creditors, but it does not extinguish inter se priority among secured creditors; the prior first charge holder therefore retains precedence over the second charge holder. Section 48 of the Transfer of Property Act, 1882 continues to apply in company liquidation, so a later charge remains subject to an earlier charge and contractual subordination remains effective. Filing a claim before the Official Liquidator does not, by itself, amount to relinquishment of security under section 47 of the Provincial Insolvency Act, 1920; relinquishment requires a conscious and express surrender. The appellant thus remained a secured creditor with prior charge rights. Case-Laws Companies Law Fri, 28 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110821