https://www.taxtmi.com/caselaws?id=111795 Under sections 529 and 529A of the Companies Act, 1956, a secured creditor whose security is sufficient to meet the debt in full remains entitled to post-winding-up interest at the contracted rate from surplus sale proceeds, subject to the workmen's pari passu charge. The Companies (Court) Rules, 1959, including rule 179, cannot cut down that statutory entitlement. Workmen, sharing the same pari passu footing, are likewise entitled to interest at the same contracted rate from the available surplus before any distribution to unsecured creditors. Any residue may then be applied to unsecured creditors, with further surplus attracting the applicable insolvency interest rules. en-us Fri, 02 May 2008 00:00:00 +0530 Mon, 08 Dec 2014 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111795 Under sections 529 and 529A of the Companies Act, 1956, a secured creditor whose security is sufficient to meet the debt in full remains entitled to post-winding-up interest at the contracted rate from surplus sale proceeds, subject to the workmen's pari passu charge. The Companies (Court) Rules, 1959, including rule 179, cannot cut down that statutory entitlement. Workmen, sharing the same pari passu footing, are likewise entitled to interest at the same contracted rate from the available surplus before any distribution to unsecured creditors. Any residue may then be applied to unsecured creditors, with further surplus attracting the applicable insolvency interest rules. Case-Laws Companies Law Fri, 02 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111795