Secured creditor in liquidation proceedings.

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..... on 53; or (b) realise its security interest in the manner specified in this section. (2) Where the secured creditor realises security interest under clause (b) of sub- section (1), he shall inform the liquidator of such security interest and identify the asset subject to such security interest to be realised. (3) Before any security interest is realised by the secured creditor under this sectio .....

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..... y, the secured creditor may make an application to the Adjudicating Authority to facilitate the secured creditor to realise such security interest in accordance with law for the time being in force. (6) The Adjudicating Authority, on the receipt of an application from a secured creditor under sub-section (5) may pass such order as may be necessary to permit a secured creditor to realise security .....

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..... the secured assets are not adequate to repay debts owed to the secured creditor, the unpaid debts of such secured creditor shall be paid by the liquidator in the manner specified in clause (e) of sub-section (1) of section 53. *********** Notes:- 1. Come into the force w.e.f. 15-12-2016 [F. N. 30/7/2016-Insolvency] S.O. 3687(E) dated 09-12-2016 -
Statute, statutory provisions legislation, .....

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