Supreme Court · 2012 INSC 415 · Decided 21 September 2012
Jitendra Nath Singh v. The Official Liquidator & ORS.
- Court
- Supreme Court of India
- Citation
- 2012 INSC 415 · [2012] 13 S.C.R. 339
- Case number
- CIVIL APPEAL No. 6755/2012
- Decided
- 21 September 2012
- Bench
- S.H. KAPADIA, A.K. PATNAIK, SWATANTER KUMAR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 529, 529A
Headnote
A B Companies Act, 1956 - s. 529 Proviso and s. 529A - Company under liquidation - Right of secured creditors - Over C 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 claim even on the unsecured assets, on pari passu basis with the workmen in respect of dues which could D 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
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)