https://www.taxtmi.com/caselaws?id=197506 Where sale proceeds from immovable property were held by a financial institution, the Court held that retention was permissible because no verified unsecured creditors' claims or quantified workmen's dues were shown for immediate distribution. The funds remained subject to any future verified unsecured claims on a pari passu basis and to prior satisfaction of workmen's dues. The Court also held that the official liquidator could not insist on transfer of the proceeds without verified claims or prior written intimation of advertisement expenses. The impugned orders were modified accordingly, while the petitioner remained bound by its undertaking. en-us Mon, 06 Dec 2010 00:00:00 +0530 Tue, 09 Jan 2018 11:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197506 Where sale proceeds from immovable property were held by a financial institution, the Court held that retention was permissible because no verified unsecured creditors' claims or quantified workmen's dues were shown for immediate distribution. The funds remained subject to any future verified unsecured claims on a pari passu basis and to prior satisfaction of workmen's dues. The Court also held that the official liquidator could not insist on transfer of the proceeds without verified claims or prior written intimation of advertisement expenses. The impugned orders were modified accordingly, while the petitioner remained bound by its undertaking. Case-Laws Companies Law Mon, 06 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197506