https://www.taxtmi.com/caselaws?id=388655 The High Court addressed the priority of moneys realized by ICICI Bank Limited from the sale of securities, with the bank agreeing to transfer the amount to the Official Liquidator of Bombay High Court. The Madras Petrochem Employees Union's claim under Section 529-A of the Companies Act, 1956, was considered in light of pending liquidation proceedings, leading to the disposal of writ petitions. The court deferred to the Supreme Court's direction on the priority of claims and instructed parties to submit to the Official Liquidator for further proceedings, emphasizing the Official Liquidator's role in prioritizing and approving claims in accordance with the Companies Act. en-us Fri, 08 Nov 2019 00:00:00 +0530 Wed, 20 Nov 2019 10:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388655 The High Court addressed the priority of moneys realized by ICICI Bank Limited from the sale of securities, with the bank agreeing to transfer the amount to the Official Liquidator of Bombay High Court. The Madras Petrochem Employees Union's claim under Section 529-A of the Companies Act, 1956, was considered in light of pending liquidation proceedings, leading to the disposal of writ petitions. The court deferred to the Supreme Court's direction on the priority of claims and instructed parties to submit to the Official Liquidator for further proceedings, emphasizing the Official Liquidator's role in prioritizing and approving claims in accordance with the Companies Act. Case-Laws Companies Law Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388655