https://www.taxtmi.com/caselaws?id=296484 A State Financial Corporation's statutory power to sell mortgaged assets under Section 29 survives a company's liquidation, but its exercise must conform to the Companies Act, 1956 protections for workmen's dues. The company court and Official Liquidator may supervise the sale to ensure the pari passu charge of workmen under Sections 529 and 529A is preserved. The sale may proceed with the Official Liquidator associated, valuation and upset price fixed under oversight, and sale proceeds deposited for lawful adjudication and payment of claims. The secured creditor may thus realise its security, subject to court-controlled safeguards protecting statutory priorities. en-us Thu, 14 Jun 2018 00:00:00 +0530 Fri, 23 Jul 2021 08:56:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296484 A State Financial Corporation's statutory power to sell mortgaged assets under Section 29 survives a company's liquidation, but its exercise must conform to the Companies Act, 1956 protections for workmen's dues. The company court and Official Liquidator may supervise the sale to ensure the pari passu charge of workmen under Sections 529 and 529A is preserved. The sale may proceed with the Official Liquidator associated, valuation and upset price fixed under oversight, and sale proceeds deposited for lawful adjudication and payment of claims. The secured creditor may thus realise its security, subject to court-controlled safeguards protecting statutory priorities. Case-Laws Companies Law Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296484