prior to the aforesaid amendment, which resulted in creation of a pari passu charge on the security of the secured creditors in favour ... 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
Official Liquidator, as the
representative of the workmen, to enforce such pari passu
charge would have the right of representing the workmen
equally with ... Official Liquidator, as the representative of the workmen's
pari passu charge, would be in the position of a co-
mortgagee. Though Section
company would remain charged for the payment of the workers' dues and such charge will be pari passu with the charge of the secured ... appellant being considered a secured creditor entitled to a pari passu charge with other secured creditors and workmen.
3.14B This fact is also recognized
obstante clause in
Section 529A of the Companies Act providing for pari passu
charge of the workmen.
In International coach Builders Ltd., this Court ... Company Court for the limited purpose of
ensuring that the pari passu charge in favour of the workmen
is safeguarded by imposition of suitable conditions
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
immovables properties of
the defendants no. 1 to 6 subject to
paripassu charge on pro rata basis on
the to pendentelite and future interest ... observation made above for
realization of their dues subject to
lien/paripassu charge to the extent of
their dues on hypothecated assets and
mortgaged
true and applicable in the case of a mortgagee and a pari passu charge-holder over the same security for realising the security. The realisation ... only be simultaneously for recovery of the claim of all pari passu charge-holders and sale proceeds are required to be divided proportionately
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
machinery;
that CBI & IDBI as secured creditors do not have pari
passu charge in as much as the CBI has the charge over
movable ... addressed to IDBI gave
confirmation that CBI will have first pari passu charge
on all the movable and immovable assets of the company in
liquidation
permitted the
secured creditor and the workmen to have a
pari passu charge because both of them had
contributed to building up of the assets ... having contributed in any manner was not
entitled to the pari passu charge over the
assets of the company (in liquidation).
(9) Learned Advocate General
