https://www.taxtmi.com/caselaws?id=195788 Where a company is in winding up and the secured assets are burdened by the workmen's pari passu charge under the proviso to Section 529, a secured creditor's power of sale cannot be exercised unilaterally. The Official Liquidator represents the workmen's interest as a co-interest holder in the security, so the Company Court may regulate realisation and priority of claims. Leave of the Company Court is therefore necessary, and any sale must proceed under court supervision with the Official Liquidator's involvement. en-us Fri, 16 Jul 1993 00:00:00 +0530 Fri, 10 Nov 2017 10:24:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195788 Where a company is in winding up and the secured assets are burdened by the workmen's pari passu charge under the proviso to Section 529, a secured creditor's power of sale cannot be exercised unilaterally. The Official Liquidator represents the workmen's interest as a co-interest holder in the security, so the Company Court may regulate realisation and priority of claims. Leave of the Company Court is therefore necessary, and any sale must proceed under court supervision with the Official Liquidator's involvement. Case-Laws Companies Law Fri, 16 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195788