JUDGMENT

Hansaria, J.-The extent of right of secured creditors to realise their debts from the assets of a company which is under winding-up or has been wound up, by               approaching for a other than the company court, is required to be spelt out in these appeals. We have also been called upon to decide as to when a pending suit or proceeding relating to realisation of the debts by susch a creditor should be transferred to itself by a company court seized with the winding-up proceeding.

2. The foundational premise of the aforesaid points is that it is a settled position by now that a secured creditor stands outside the winding-up proceeding and under the law he can proceed to realise his security without the leave of the winding-up caourt, if by the time he initiated the action the company has not been wound up. This view has been holding field ever since a three-Judge Bench decision of this Court in M.K. Ranganathan v. Government of Madras1. As this legal position has not been assailed by any of the parties, we need not advert to the reasons which led this Court in Ranganathan s case to hold as above. Despite this being the legal position, there were some provisions in