lakhs. IDBI, IFCI, LIC and other
financial institutions were also having pari-passu charge over the assets.
The company became sick and was referred ... sums approximately Rs. 4.68 crores on condition that
they would have pari-passu charge covering the further financial support
that the other financial institutions should
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
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
ceding of charge was effected, and the applicant bank
ought to have been treated as a first charge holder having pari passu charge with ... bank has been treated as second charge holder. To support the case of being first
charge holder pari passu with the financial institutions, the applicant
that as a result of the amendment to Section 529 a pari passu charge to the extent of the workmen's portion is created ... l217).
20. The rights of the pari passu charge-holders would run equally, temporally and potently, with the rights of the secured creditors. The official
self-same project and both the lenders
have a pari passu charge over the securities created in respect of the
property in question prior ... crores was disbursed. In
consideration of availing of such credit facilities pari passu charge was also
created and necessary creation of charge documents were filed
company's plant and
machinery as well as pari passu charge/mortgage on the company's
properties situated at Panihati.
(6) The financial ... immovable properties
situated at S. M. Bose Road, Panihati, ranking pari passu with each of
the respondent banks.
(7) Value of the said property
various financial facilities were provided to Coil-O-Matic with the pari passu charge with IDBI and
IFCI. It is further stated that the memorandum
charge on the fixed assets of the sick company on prepayment of the loan and to permit the creation of part passu charge over ... outstanding loan and also restraining them from raising objection in creating pari passu charge over its fixed assets in favour of the WBIDC and other
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 ... portion in his security, whichever is less, shall rank pari passu with the workmen's dues for the purposes of Section 529A
