https://www.taxtmi.com/caselaws?id=337497 Bombay HC held that Rules 154 and 179 of the Companies (Court) Rules, 1959 apply only to creditors who lodge and prove claims in winding up before the Official Liquidator, and not to a secured creditor standing outside winding up and realising its security. It further held that, once workmen's dues are protected under Section 529A of the Companies Act, 1956, surplus sale proceeds cannot be withheld from the secured creditor or diverted to unsecured creditors while the decretal balance remains unpaid. The secured creditor retains the right to recover the balance from the realised security, subject to the workmen's pari passu charge. en-us Wed, 23 Nov 2016 00:00:00 +0530 Wed, 11 Jan 2017 07:16:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337497 Bombay HC held that Rules 154 and 179 of the Companies (Court) Rules, 1959 apply only to creditors who lodge and prove claims in winding up before the Official Liquidator, and not to a secured creditor standing outside winding up and realising its security. It further held that, once workmen's dues are protected under Section 529A of the Companies Act, 1956, surplus sale proceeds cannot be withheld from the secured creditor or diverted to unsecured creditors while the decretal balance remains unpaid. The secured creditor retains the right to recover the balance from the realised security, subject to the workmen's pari passu charge. Case-Laws Companies Law Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337497