exercised with the rights of the pari passu charge to the workmen created by proviso to Section 529 of the Companies Act. Under the said ... shall be entitled to represent the workmen and enforce the above pari passu charge. Therefore, the Court found that the condition imposed by the Company
workmen are stated to have pari passu charge along with the secured creditors as per section 529A of the Act. It was, thus, prayed that ... pari passu charge in favour of the workmen'. The effect of the proviso is to create by statute, a charge pari passu in favour
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
consent of
the PNB in this regard, though it had pari passu charge on the secured assets
mortgaged with both the banks. It is further ... fixed assets for which both the banks have given
consent for pari passu charge and insofar as the movable properties are
concerned, he has referred
securities had been charged to the Bank:-
"(a) 1st pari passu charge on hypothecation of stocks and
book debts of the company ... pari passu charge on block assets of the company.
(c) 1st pari passu charge by way of Equitable Mortgage of
lease hold rights (99 years
five unnumbered provisos to
Section 13(9) which deal with pari passu charge of
the workers of a company in liquidation. The first
of these
accepted by these financial institutions and loans were advanced. A pari passu charge was created in favour of the petitioners except petitioner ... second charge basis and subservient to the first charges on a pari passu basis in favour of the petitioners. The respondent-company had executed mortgage
GIIC had no interest. Qua the other assets, there was a pari
passu charge of GIIC and BOB as is admitted by GIIC
manufacturing unit. The sanction was granted for the
financial assistance with pari-passu charge in favour of the
consortium of Banks including ICICI, IDBI
Winsome Yarns Ltd. vs Punjab Wireless Systems Limited (In ... on 6 October, 2005
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