that the applicant Bank and respondent No.2 are having first pari
passu charge on the current assets i.e. stocks and book-debts ... capital facilities. The pari-passu charge is
satisfied. The working capital facilities were secured by way of
second charge pari-passu with Bank of Baroda
only the proportionate expenses for preservation taking into consideration the pari passu charge in favour of the workmen's dues. But the fact remains ... realized from the security due to enforcement of the pari passu charge of the workmen's dues have also been given the same priority
loan and the second loan granted by it. IDBI has also pari passu charge on the entire fixed assets of the Company in liquidation ranking ... pari passu charge with Indian Bank and second charge on the realised assets of the Company in liquidation in view of the terms and conditions
reveal that Bank of Baroda is having first charge or pari passu charge over the property in question. He has submitted that the assignor, namely ... liquidation in favour of the assignor ICICI, IDBI and IFCI having pari passu charge over the said property of the Company in liquidation. The applicant
present case, the Textile Labour Association representing workers being Creditors having pari passu charge over the assets of the Company have filed Company Application
Companies Act, 1956 only secured creditors and workmen are having pari passu charge over the assets of the Company. They are to be paid ... clearly indicate that the Secured Creditors and the workers have pari passu charges over the assets of the Company in liquidation and they
Apurva J. Parekh vs Essen Computers Ltd. on 19 January, 2005
Equivalent citations: [2006]129COMPCAS121
whereby the Secured Creditors and the Workers are having pari passu charge and if any amount is left after satisfaction of the dues
such. However, the charge in its favour is a subservient charge in absence of the permission to create a pari passu charge in favour
Union Bank
of India and Bank of Baroda all are having pari passu charge on the
assets of the Company in Liquidation and amount ... under and not on pari passu basis :
Sr.No.
Particulars
Security
Amount
(Rs.)
1.
Bank
of Baroda
First
Charge
2,67,74,438/-
2.
Union
