https://www.taxtmi.com/caselaws?id=313027 For winding up calculations under Sections 529 and 529A of the Companies Act, 1956, a second-charge secured creditor's debt must be included in computing the workmen's portion and the distributable amount, because all secured creditors are treated together for this statutory pari passu scheme. The provisions do not distinguish between first-charge and second-charge creditors for that computation. However, they do not alter inter se priority among secured creditors, which continues to be governed by general property law under Section 48 of the Transfer of Property Act, 1882. en-us Mon, 22 May 2006 00:00:00 +0530 Wed, 27 Mar 2024 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313027 For winding up calculations under Sections 529 and 529A of the Companies Act, 1956, a second-charge secured creditor's debt must be included in computing the workmen's portion and the distributable amount, because all secured creditors are treated together for this statutory pari passu scheme. The provisions do not distinguish between first-charge and second-charge creditors for that computation. However, they do not alter inter se priority among secured creditors, which continues to be governed by general property law under Section 48 of the Transfer of Property Act, 1882. Case-Laws Companies Law Mon, 22 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313027