https://www.taxtmi.com/caselaws?id=237663 Sale proceeds of immovable assets in liquidation could not remain with the appellant once additional unsecured creditor claims surfaced, because the earlier permission to retain them was only temporary. The Official Liquidator, being responsible for the company's liquidation assets and funds, was required to collect the proceeds and place them before the Company Court for distribution. The appellant was not treated as having secured priority over those proceeds, and unsecured creditors were entitled to rank pari passu in respect of them, subject to workmen's dues. The direction to deposit the sale proceeds with interest with the Official Liquidator was therefore upheld, and the appeal was dismissed. en-us Tue, 10 Sep 2013 00:00:00 +0530 Fri, 04 Oct 2013 02:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237663 Sale proceeds of immovable assets in liquidation could not remain with the appellant once additional unsecured creditor claims surfaced, because the earlier permission to retain them was only temporary. The Official Liquidator, being responsible for the company's liquidation assets and funds, was required to collect the proceeds and place them before the Company Court for distribution. The appellant was not treated as having secured priority over those proceeds, and unsecured creditors were entitled to rank pari passu in respect of them, subject to workmen's dues. The direction to deposit the sale proceeds with interest with the Official Liquidator was therefore upheld, and the appeal was dismissed. Case-Laws Companies Law Tue, 10 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237663