https://www.taxtmi.com/caselaws?id=198407 A secured creditor enforcing security under the securitisation law may retain possession of a company's secured assets and proceed with sale even after a winding-up order, because the statutory scheme gives the enforcement mechanism overriding effect. However, realization from the sale remains subject to the liquidation regime's protection of workmen's dues. The Official Liquidator must communicate the workmen's claim, or an estimated amount, and the secured creditor must deposit that amount and provide the required undertaking. Until such intimation is made, the sale proceeds are to be kept in a separate account, except for actual sale expenses. en-us Thu, 09 Mar 2006 00:00:00 +0530 Tue, 30 Jan 2018 17:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198407 A secured creditor enforcing security under the securitisation law may retain possession of a company's secured assets and proceed with sale even after a winding-up order, because the statutory scheme gives the enforcement mechanism overriding effect. However, realization from the sale remains subject to the liquidation regime's protection of workmen's dues. The Official Liquidator must communicate the workmen's claim, or an estimated amount, and the secured creditor must deposit that amount and provide the required undertaking. Until such intimation is made, the sale proceeds are to be kept in a separate account, except for actual sale expenses. Case-Laws Companies Law Thu, 09 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198407