https://www.taxtmi.com/caselaws?id=197906 Sections 529, 529A and 530 of the Companies Act, 1956 were examined on the secured creditor's right to realise security outside winding up, subject to the statutory workmen's charge in the secured assets. The workmen's portion must be determined from the claims and dues as on the date of winding up, and workmen must lodge and prove their claims before payment. However, the Official Liquidator cannot retain the full realisation indefinitely while apportionment remains pending. Where an ad hoc disbursement has already been made to workmen, fairness permits a corresponding rateable release to the secured creditor, while preserving verification of claims and satisfaction of the workmen's charge. en-us Tue, 03 Nov 1998 00:00:00 +0530 Mon, 19 Jul 2021 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197906 Sections 529, 529A and 530 of the Companies Act, 1956 were examined on the secured creditor's right to realise security outside winding up, subject to the statutory workmen's charge in the secured assets. The workmen's portion must be determined from the claims and dues as on the date of winding up, and workmen must lodge and prove their claims before payment. However, the Official Liquidator cannot retain the full realisation indefinitely while apportionment remains pending. Where an ad hoc disbursement has already been made to workmen, fairness permits a corresponding rateable release to the secured creditor, while preserving verification of claims and satisfaction of the workmen's charge. Case-Laws Companies Law Tue, 03 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197906