https://www.taxtmi.com/caselaws?id=313027 The Ct. determined that the Committee erred by excluding the Indian Bank's second charge from consideration in the distribution of payments. It directed the Committee to recalculate the payment proportions for workmen and secured creditors, including those with second charges, in accordance with Sections 529 and 529A of the Companies Act, 1956. The report and objections were disposed of, with instructions to adhere to the Ct.'s observations. The Ct. clarified that all secured creditors, regardless of charge priority, should be treated equally, and that Section 48 of the Transfer of Property Act, 1882, applies for determining payment priority among secured creditors. 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 The Ct. determined that the Committee erred by excluding the Indian Bank's second charge from consideration in the distribution of payments. It directed the Committee to recalculate the payment proportions for workmen and secured creditors, including those with second charges, in accordance with Sections 529 and 529A of the Companies Act, 1956. The report and objections were disposed of, with instructions to adhere to the Ct.'s observations. The Ct. clarified that all secured creditors, regardless of charge priority, should be treated equally, and that Section 48 of the Transfer of Property Act, 1882, applies for determining payment priority among secured creditors. Case-Laws Companies Law Mon, 22 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313027