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2016 (2) TMI 687 - HC - Companies LawPermit to Official Liquidator - Held that:- The Official Liquidator is permitted to pay the outstanding secured dues/ claims first to the secured creditors i.e. Rajkot Nagarik Sahakari Bank Ltd., amounting to ₹ 1,41,82,993/and to the Secured Creditor Oriental Bank of Commerce, amounting to ₹ 5,63,991/in terms of Section 529A of the Companies Act,1956, and thereafter, the claims of preferential creditors and unsecured creditors as mentioned in table “B” in paragraph 8 of the report, under Section 530 of the Companies Act, 1956, shall be considered as per the funds available in the account of the Company.
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