Supreme Court of India
Jitendra Nath Singh v. The Official Liquidator & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
3 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the considered opinion that the learned Company Judge and the Division Bench of the High Court have not correctly interpreted the provisions of Sections 8 529 and 529A of the Companies Act.
Judgment, page 49
From the headnote
Companies Act, 1956 - s. 529 Proviso and s. 529A - Company under liquidation - Right of secured creditors - Over the unsecured assets - Held: The secured creditors of a company under liquidation have a right only over the secured assets and not over all the assets - However, they will have preferential claim even on the unsecured assets, on pari passu basis with the workmen in respect of dues which could not be realized because of statutory charge created in favour of workmen in the first limb of proviso to s. 529(1) and required to be paid alongwith workmen's dues in priority to all other
Authorities it was built on
Where later benches applied it
- 2019 Swaraj Infrastructure Pvt. Ltd. v. Kotak Mahindra Bank Ltd.
- 2023 Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited & Ors.
- 2015 Infrastructure Leasing & Financial Services Limited v. B.P.L. Limited
Of those, 1 relied on · 1 referred to · 1 mentioned
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