submitted that the employees' dues had a pari passu
charge over the proceeds and the Union was entitled for such charge. He
further submitted ... Pari passu would mean equally and without preference. The
aspect of pari passu charge has been referred to in Section
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 dues over the
security of every secured creditor and this charge is pari passu
with
cast is that of the Debenture
Holders as they have a pari passu charge over certain common securities. The question
that has arisen is, what
executed an Indenture of
Mortgage with IDBI creating a first ranking pari passu charge over a
property admeasuring
Note dated 27th January, 2016 in favour of the
plaintiff. A pari passu charge was created under the
Memorandun of the Entry dated 27th January
amount due from an employer shall be
deemed to be first charge on the assets of the establishment
and is payable in priority ... Companies Act
in 1985 are intended to create a charge pari passu in favour
of the workmen on every security available to the secured
creditors
part of the project and who hold pari passu
charge on the concession granted by this agreement. The object of the
Concession Agreement
Bank has pointed out from the admitted documents
that the first pari passu charge on the subject property was an
essential condition as per clause ... property has been mortgaged with several financial institutions on
pari passu charge. Thus there is no offence made out under this
Section.
39. Sections
described in part A of Schedule 1 shall be first
ranking pari-passu security registered in favour of the security trustee
and the security created ... part B of
schedule 1 shall be the first ranking paripassu charge in favour of the
security trustee.
4. The learned Counsel for the Applicant
