https://www.taxtmi.com/caselaws?id=214248 A secured creditor enforcing security under SARFAESI may sell secured assets of a company in liquidation, but the Official Liquidator cannot be excluded from the process. Sections 35 and 37 of SARFAESI were read harmoniously with Section 529A of the Companies Act, so the sale can proceed while preserving the pari passu rights of workmen and secured creditors. Sale of immovable secured assets must follow Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002, with transparent notice, valuation disclosure and sale particulars shared with the Official Liquidator. Appropriation of proceeds remains subject to the Company Court's directions. en-us Wed, 28 Mar 2012 00:00:00 +0530 Wed, 13 Feb 2013 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214248 A secured creditor enforcing security under SARFAESI may sell secured assets of a company in liquidation, but the Official Liquidator cannot be excluded from the process. Sections 35 and 37 of SARFAESI were read harmoniously with Section 529A of the Companies Act, so the sale can proceed while preserving the pari passu rights of workmen and secured creditors. Sale of immovable secured assets must follow Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002, with transparent notice, valuation disclosure and sale particulars shared with the Official Liquidator. Appropriation of proceeds remains subject to the Company Court's directions. Case-Laws Companies Law Wed, 28 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214248