adjudicated as any claim of the workmen is to
be considered pari passu with the secured creditors.
3. Mr. Naphade, learned counsel appearing ... Additional Respondent No.2,
who is the developer clarifies that the pari passu charge in favour of the
workmen would have to come from
this case also
IDBI Bank Ltd, is the first ranking pari passu charge holder along with
Suraksha Asset Reconstruction Private Limited. He, therefore submitted
that
conjunction with the special rights given to the workmen, who as pari passu charge-holders are represented by the Official Liquidator. The unhindered right hitherto ... However in both these rulings the provisions of law considered are not pari material. The case ( International Coach Builders supra) considered is not that
dues and the secured creditors' dues which rank pari passu should be paid in priority to all other debts. The workmen are statutorily allowed ... liquidation would remain charged for the payment of workmen's dues and such charge will be pari passu with the charge of the secured
passed
the right to have the assets realised and distributed among them pari passu.
No new rights can thereafter be created and no uncompleted rights ... proceeds of the assets distributed among them pari passu..."
(iv) In the present case, the charge allegedly created by the
Company pursuant
passed
the right to have the assets realised and distributed among them pari passu.
No new rights can thereafter be created and no uncompleted rights ... proceeds of the assets distributed among them pari passu..."
(iv) In the present case, the charge allegedly created by the
Company pursuant
respect
of their dues from the company and this charge is pari passu with that of the
secured creditor and is to the extent ... section (1) of
Section 529 of the Companies Act rank pari passu with the workmen's dues
for the purposes of Section 529A
respect of their dues from the company and this charge is pari passu with
that of the secured creditor and is to the extent ... section (1) of
Section 529 of the Companies Act rank pari passu with the workmen's dues
for the purposes of Section
under:
"9) Further Applicant undertakes to deposit such amount on
pari passu basis as may be required to satisfy the claims
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
subjected to the rule of "pari passu" or to share the proceeds of the charged property with any other creditor till his debt
