https://www.taxtmi.com/caselaws?id=395214 The court set aside the Recovery Officer's order in OA 20/2011, directing the bank to deposit sale proceeds with the Company Court in a liquidation case under the Companies Act. Emphasizing compliance with Section 529-A, the judgment prioritized protecting workmen and secured creditors' dues over the bank's interests. The bank's appropriation of sale proceeds was scrutinized to prevent prejudice to preferential creditors. The decision highlighted the need to follow legal procedures, releasing FDRs to the bank for expenses while safeguarding creditors' interests. en-us Thu, 19 Mar 2020 00:00:00 +0530 Tue, 12 May 2020 11:35:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395214 The court set aside the Recovery Officer's order in OA 20/2011, directing the bank to deposit sale proceeds with the Company Court in a liquidation case under the Companies Act. Emphasizing compliance with Section 529-A, the judgment prioritized protecting workmen and secured creditors' dues over the bank's interests. The bank's appropriation of sale proceeds was scrutinized to prevent prejudice to preferential creditors. The decision highlighted the need to follow legal procedures, releasing FDRs to the bank for expenses while safeguarding creditors' interests. Case-Laws Companies Law Thu, 19 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395214