https://www.taxtmi.com/caselaws?id=458822 The HC dismissed the petitioners' claim to halt proceedings under the SARFAESI Act and RDBFI Act, as the company was not in liquidation. The court held that workmen's priority in asset distribution under section 529A of the Companies Act is only applicable during winding-up. The petitioners' request to quash DRT proceedings and demand immediate payment of dues was denied. The court clarified that petitioners could seek relief if future winding-up proceedings occur, without affecting their right to claim surplus amounts from ongoing proceedings. The judgment emphasized adherence to legal procedures and limitations on workmen's claims without liquidation. en-us Mon, 04 Oct 2010 00:00:00 +0530 Mon, 18 Nov 2024 12:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458822 The HC dismissed the petitioners' claim to halt proceedings under the SARFAESI Act and RDBFI Act, as the company was not in liquidation. The court held that workmen's priority in asset distribution under section 529A of the Companies Act is only applicable during winding-up. The petitioners' request to quash DRT proceedings and demand immediate payment of dues was denied. The court clarified that petitioners could seek relief if future winding-up proceedings occur, without affecting their right to claim surplus amounts from ongoing proceedings. The judgment emphasized adherence to legal procedures and limitations on workmen's claims without liquidation. Case-Laws Companies Law Mon, 04 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458822