https://www.taxtmi.com/caselaws?id=218514 In the winding up of an insolvent company, the pari passu charge in favour of workmen under Sections 529 and 529A of the Companies Act is confined to the secured asset and to the workmen's portion in that security. A secured creditor's right does not extend to assets not mortgaged to it, and unsecured assets remain available to unsecured creditors and the winding up estate. The overriding preference under Section 529A applies only to workmen's dues and the secured creditor's debt to the extent it ranks pari passu with those dues. The contrary view was rejected, and the matter was remanded for fresh decision. en-us Fri, 21 Sep 2012 00:00:00 +0530 Mon, 30 Sep 2013 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218514 In the winding up of an insolvent company, the pari passu charge in favour of workmen under Sections 529 and 529A of the Companies Act is confined to the secured asset and to the workmen's portion in that security. A secured creditor's right does not extend to assets not mortgaged to it, and unsecured assets remain available to unsecured creditors and the winding up estate. The overriding preference under Section 529A applies only to workmen's dues and the secured creditor's debt to the extent it ranks pari passu with those dues. The contrary view was rejected, and the matter was remanded for fresh decision. Case-Laws Companies Law Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218514