Official Liquidator Ensures Workmen's Dues; State Financial Corporations Keep Secured Creditor Status, No Unsecured Downgrade.

Jurisdiction of Official liquidator - its specific purpose being to protect the pari passu charge of the workmen’s dues. After ensuring that this purpose is achieved or ensured, the State Financial Corporations can continue to enjoy their statutory rights as secured creditors. They will not be reduced to the status of unsecured creditors and equally will not be required to prove their debts nor will be required to stand in line with other unsecured creditors - SC .....

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