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2010 (4) TMI 612 - HC - Companies LawWinding up - Overriding preferential payments - Held that:- Coming to the facts of the present case, the assets had been mortgaged in favour of respondent No. 1, which were taken over by SASF which in turn had sold them to PMC-Bank Ltd. In other words, it is a transaction under the provisions of the Securitization Act unlike what was the subject-matter before the Gujarat High Court. The question, therefore, of considering whether the transaction is void under section 23 of the Indian Contract Act would not arise. Dismissal of this petition will not in any way bar the remedy of the workers for recovery of their claims considering the provisions of section 13(9) of the Securitization Act. The workers thus will have to file their claim before the Official Liquidator who will ascertain the claim and considering the amount available distribute the same pro rata amongst the workers depending on their claims. Considering that the matter has been going on for a long time, the Official Liquidator is directed to invite the claims, if not already invited, and thereafter to proceed according to law as expeditiously as possible.
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