JUDGEMENT

A. K. Patnaik, J.-Leave granted.

2. We have carefully read the learned opinion of our esteemed brother Swatanter Kumar, J. in this case but with great respect we are unable to persuade ourselves to agree with his interpretation of Sections 529 and 529A of the Companies Act, 1956 (for short ‘the Companies Act’).

3. Before we give our interpretation of Sections 529 and 529A of the Companies Act, we may very briefly state the relevant facts as stated by the appellant. U.M.I. Special Steel Limited (for short ‘the company’) is a company registered under the Companies Act. The company became sick and went before the BIFR but the BIFR in its opinion dated 08.03.2002 recommended for winding up of the company. On 05.08.2003, the learned Company Judge of the High Court of Jharkhand passed orders for winding up of the company and appointed the official liquidator as liquidator to conduct the liquidation proceedings in relation to the company and to take over the assets, books and documents of the company. The liquidator then took over the assets of the company and sold some of the assets of the company and paid Rs.93,64,93,586/- to the secured creditors and Rs.8,19,22,371.12p to t