https://www.taxtmi.com/caselaws?id=113878 Where secured assets are sold in the context of winding up proceedings, the statutory scheme requires the sale proceeds to respect workmen's pari passu priority under section 529A of the Companies Act, 1956, read with the second proviso to section 13(9) of the SARFAESI Act. The text also notes that abatement of BIFR proceedings does not arise automatically unless the secured creditor's measures are brought to the notice of the BIFR or Company Court, and that a pre-winding-up sale does not necessarily avoid the protective mandate governing workmen's dues. The secured creditor, including a consortium, must deposit the proportionate proceeds with the official liquidator for distribution. en-us Mon, 03 Aug 2009 00:00:00 +0530 Tue, 04 Nov 2014 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113878 Where secured assets are sold in the context of winding up proceedings, the statutory scheme requires the sale proceeds to respect workmen's pari passu priority under section 529A of the Companies Act, 1956, read with the second proviso to section 13(9) of the SARFAESI Act. The text also notes that abatement of BIFR proceedings does not arise automatically unless the secured creditor's measures are brought to the notice of the BIFR or Company Court, and that a pre-winding-up sale does not necessarily avoid the protective mandate governing workmen's dues. The secured creditor, including a consortium, must deposit the proportionate proceeds with the official liquidator for distribution. Case-Laws Companies Law Mon, 03 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113878