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
issued No Objection to
Respondent No.1 Bank to have a pari passu charge on the assets
subject to condition that the Term Loan ... basis of the letters, the
Respondent Bank has been claiming pari passu charge on the assets of
Respondent No.2 including MIDC Plot
capital of the
company and to place their dues pari passu with those of the
secured creditors. The Statement of Objects and Reasons ... appointment of the Provisional Liquidator, would be to render the
pari passu charge of the workmen illusory.
(h) In the facts and circumstances, the action
petitioner also learned that the first respondent had further created a
pari passu charge on the mortgaged premises over which the petitioner had first
charge ... attention to the
fact that the first respondent had clear pari passu charge of the State Bank of
Asmita 23/32
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M/S.Asian Power Controls Ltd vs Mrs. Bubbles Goyal on 18 February, 2013
Author
M/S.Asian Power Controls Ltd vs Mrs. Bubbles Goyal on 18 February, 2013
Author
