https://www.taxtmi.com/caselaws?id=260725 Sections 529, 529A and 530 of the Companies Act, 1956 operate as a self-contained liquidation scheme giving priority to workmen's dues and a secured creditor's pari passu share. The ceiling on post-proved interest under rule 179 of the Companies (Court) Rules, 1959 applies to proved balance or unsecured claims, not to a secured creditor who retains its security. Where the secured assets are sufficient to satisfy workmen's dues and the secured debt in full, including contractual interest, the secured creditor may recover such interest until realisation, and the rule 179 restriction does not apply. en-us Tue, 16 Sep 2014 00:00:00 +0530 Sat, 20 Jun 2015 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260725 Sections 529, 529A and 530 of the Companies Act, 1956 operate as a self-contained liquidation scheme giving priority to workmen's dues and a secured creditor's pari passu share. The ceiling on post-proved interest under rule 179 of the Companies (Court) Rules, 1959 applies to proved balance or unsecured claims, not to a secured creditor who retains its security. Where the secured assets are sufficient to satisfy workmen's dues and the secured debt in full, including contractual interest, the secured creditor may recover such interest until realisation, and the rule 179 restriction does not apply. Case-Laws Companies Law Tue, 16 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260725