Supreme Court Allows Secured Creditor's Appeal in SARFAESI Act Priority Dispute — Employees' Dues Cannot Override Bank's Claim Over Sale Proceeds of Co-operative Society's Assets. The Court held that Section 529A of the Companies Act, 1956 does not apply to co-operative societies due to Section 167 of the Maharashtra Co-operative Societies Act, 1960, and employees' dues recoverable as arrears of land revenue do not create a paramount charge over secured assets.
4 Dec 2019The appeal arose from a dispute between the Maharashtra State Co-operative Bank Ltd. (appellant) and employees of Vainganga Sahakari Sakhar Karkhana L...
