liquidator is the representative of the workmen
entitled to enforce such pari passu charge. He would be in
the position of a co-mortgagee ... exercised in tandem with the rights
of the pari passu charge in favour of the workmen created by
the proviso to Section
property, had to be exercised consistently
with the rights of a pari passu charge-holder in whose
favour a statutory charge is created ... same place".
The rights of the "pari passu" charge-holders would
run equally, temporally and potently, with the rights of
the secured
honoured its ceding in principle of the pari passu charge issued earlier, that as such they had reduced the loan to 200 lakhs, that ... company in liquidation remain charged for payment of the workmen's dues and such charge will rank pari passu with the charge
Wanbury Limited and holders of the OFCDs shall be given a pari passu charge on the assets of PPIL that may be acquired by Wanbury ... petitioner company with others on pari passu basis had agreed to create the security by a pari passu charge on the immovable properties alongwith other
outside winding up and realise its security, to the extent of pari passu charge in favour of Workmen, provision of Section 529A ... company would remain charged forth payment of the workers' dues and such charge will be pari passu with the charge of the secured creditors
right of a pari passu chargeholder. Such a right can be exercised with the consent of the pari passu chargeholder or on orders ... case the Division Bench has also held that whenever there is pari passu charge over any property of a company in winding up by virtue
property has to be exercised with the rights of a pari passu charge-holder in whose favour a statutory charge is created under the proviso ... said section in the Companies Act , the workmen have a statutory pari passu charge in their favour for their dues along with secured creditors
liquidator is the representative of the workmen entitled to enforce such pari passu charge. He would be in the position of a co-mortgagee ... exercised in tandem with the rights of the pari passu charge in favour of the workmen created by the proviso to Section
that a pari passu
charge was created in favour of the workmen of the company in liquidation.
In the case at hand, it was submitted ... defined in the Industrial Disputes Act, 1947 . Therefore, there is
no pari passu charge on the facts of this case. Hence, it was not necessary
every secured
creditor shall be deemed to be subject to a pari
passu charge in favour of the workmen to the extent
of the workmen ... charge is created in favour of workmen in respect of
their dues over the security of every secured
creditor and this charge is pari passu
