respects sales effected by
secured creditor-Secured creditor-Whether outside the
winding up-Construction-Presumption against implied
alteration of law.
HEADNOTE:
The secured creditor ... properties" had changed the position of the secured creditor
and even though the secured creditor realised the security
without the intervention of the Court
suffered by a particular secured creditor because of the
statutory charge created in favour of the workmen, the secured creditor is
ranked pari passu with ... workmen’s dues and where the secured creditor opts to realize
his security, the debt to the secured creditor to the extent it
ranks pari
security by the secured creditor. It is only if the secured creditor instead of proving his debt in the winding up proceedings as an ordinary ... liquidator for preservation of secured creditor's security till its realisation by the secured creditor arises if, such secured creditor, instead of relinquishing
secured creditor has obtained an order from the DRT, and
a recovery certificate has been issued thereupon, such secured
creditor cannot file a winding ... creditor or creditors, including any
contingent or prospective creditor or
creditors; or
xxx xxx xxx
(2) A secured creditor, the holder of any debentures
(including
other two secured creditors of the company. An unsecured creditor of the company [Pradeep Industrial Corporation] filed a winding up petition against the company ... secured creditor in enforcing workmen's charge on the security when the secured creditor proceeds to realise his security standing outside the winding
creditor or creditors including any contingent or prospective creditor or creditors. Sub-section (2) of section 439 provides that a secured creditor, the holder ... reason to exclude a secured creditor from the purview of petitioning creditors who can move a Company Petition for winding up. Section
rights of the secured creditors and held that the secured
creditors cannot realize their security without the leave of the
winding up Court. However ... secured creditor to
present petition for adjudication under the insolvency law is
different from the right of a secured creditor to present a
winding
respondent. That was a case in
which a secured creditor standing outside the winding up
sold the property of the company, pending a winding ... after the 1936 Amendment, the private
sale by the secured creditor standing outside the winding up
proceedings was valid without leave of the Company Court
secured creditor" who had the same rights as a secured creditor of an insolvent individual. It was contended that as a secured creditor ... apply only to those creditors who are unsecured or where they specifically refer to secured creditors, to those secured creditors who have given up their
debts due to the secured creditors.
Illustration. – The value of the security of a secured creditor of
a company ... priority over all other creditors, secured and
unsecured, because of Section 529A(1)(a) and no secured or unsecured
creditor, including banks or financial institutions
