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 ... enforcing the charge by selling the security against which such charge is
created. Nonetheless, it creates a 'pari passu' charge in favour
order
dated 28.11.2008 held that the workmen and secured creditors have pari
passu charge over the properties of the company as would be clear from ... High Court and contended that the secured
creditors have pari passu charge with the workmen only on the
properties which have been offered
sale proceeds
will be distributed by taking into account the pari passu charge to a
limited extent of the “workmen’s portion” as laid down ... Section 529(1)(c) proviso by a legal fiction creates a pari passu charge to
a limited extent on the security of the creditor which
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 ... 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
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 ... pari passu charge in favour of the workmen". The effect of
the proviso is to create, by statute, a charge pari passu in
favour
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 ... pari passu
charge in favour of the workmen". The effect of the proviso is
to create, by statute, a charge pari passu in favour
obstante clause in Section 529A of the Companies Act
providing for pari passu charge of the workmen.
In International Coach Builders Ltd. this Court ... Company Court for the limited purpose of ensuring that the pari passu
charge in favour of the workmen is safeguarded by imposition of suitable
conditions
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
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
