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
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
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
stated that they had no objection in respondent No.1
offering pari passu charge to the said four insurance companies i.e.
beneficiaries ... objection to the first respondent's
proposal for creation of pari-passu charge in favour of the four insurance
companies in respect of debentures
name of M/s Cement ranking Pari- Passu with
United Bank of India.
(ii) Pari-Passu first charge byway of equitable mortgage of leased hold ... present and future ranking Pari-Passu with United
Bank of India.
Page No.# 4/14
Collateral
(i) Pari-Passu first charge by way of equitable
SFCs cannot exercise the right under Section
29 ignoring a pari passu charge of the
workmen...
The view taken therein was reiterated by a three ... shall be entitled to
represent the workmen and force the above pari
passu charge. Therefore, the Company Court
was fully justified in imposing above
conditions
court receiver disposed of the movables of which the receiver had taken charge, realising a sum of Rs. 13,50,000. In pursuance ... commission of court receiver. Perhaps, the workmen are entitled to pari passu charge over the said sale proceeds and other securities held by the Central
pari passu charge in
favour of the workmen". The effect of the proviso
is to create, by statute, a charge pari passu in
favour ... amendment
is that the legitimate dues of workers must rank
pari passu with those of secured creditors and
above even the dues of the Government
payable to the
Lender) shall be secured by:
1.Second pari-passu charge on all current
assets of the Borrower.
2.Second pari-passu charge ... together with all
accretions thereon of the GEL. There is Second pari-
passu charge on all current assets of the GEL as per
Schedule
entitled to represent the workmen of the company and enforce pari passu charge in favour of workmen as per the provisions contained in Sections ... shortfall in realisation. The counter-affidavit also refers to the pari passu charge of the workers under Section 529A of the Companies Act. According
