https://www.taxtmi.com/caselaws?id=213406 A secured creditor may enforce its security under the SARFAESI Act without prior leave of the Company Court even where a provisional liquidator has been appointed and winding up proceedings are pending. The Companies Act, 1956 does not give the winding up court control over such enforcement, and the reference in section 13(9) to sections 529 and 529A is confined to protection of workmen's dues and distribution of sale proceeds. A sale completed before the winding up order is not rendered void merely because winding up is later ordered, and liquidation provisions on custody, avoidance, and pari passu claims do not retrospectively invalidate a valid securitisation sale. The statutory obligation to safeguard workmen's dues remains operative. en-us Mon, 07 Mar 2011 00:00:00 +0530 Fri, 09 Sep 2022 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213406 A secured creditor may enforce its security under the SARFAESI Act without prior leave of the Company Court even where a provisional liquidator has been appointed and winding up proceedings are pending. The Companies Act, 1956 does not give the winding up court control over such enforcement, and the reference in section 13(9) to sections 529 and 529A is confined to protection of workmen's dues and distribution of sale proceeds. A sale completed before the winding up order is not rendered void merely because winding up is later ordered, and liquidation provisions on custody, avoidance, and pari passu claims do not retrospectively invalidate a valid securitisation sale. The statutory obligation to safeguard workmen's dues remains operative. Case-Laws Companies Law Mon, 07 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213406