Supreme Court · 2005 INSC 137 · Decided 14 March 2005
Andhra Bank v. Official Liquidator and ANR.
- Court
- Supreme Court of India
- Citation
- 2005 INSC 137 · [2005] 2 S.C.R. 776
- Case number
- CIVIL APPEAL No. 1321/2003
- Decided
- 14 March 2005
- Bench
- N. SANTOSH HEGDE, B.P. SINGH, S.B. SINHA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 529
Headnote
BANK v. OFFICIAL LIQUIDATOR AND ANR. MARCH 14, 2005 B [N. SANTOSH HEGDE, B.P. SINGH AND S.B. SINHA, J.T.] Companies Act, 1956: Sections 529-A and 529-0verriding preferential payment-Bank-secured C creditor's claim against Company-Winding up of company-Assets sold, as an ongoing concern, purchaser the bank to pay past dues to workmen on ad hoc basis over claim D of secured creditors-Sustainability of-Held: Claims of the secured creditors are pari passu with the workmen-Debts due to secured creditor is considered for ascertainment of workmen's portion of security-Hence, cannot be
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