Secured Creditors and Asset Disposal in Liquidation: High Court's Balancing Act

Secured creditor priority upheld; asset protection costs initially borne by creditors and rival claims sent to the specialized tribunal for adjudication.

The court transferred disputes over assets of a company in liquidation to the specialized insolvency tribunal for expedited adjudication, affirmed the priority of secured creditors while permitting other claimants to present possessory or contractual claims before the tribunal, and ordered that interim asset protection expenses be initially borne by secured creditors but remain recoverable as part of their claims.