JUDGMENT :

F.I. Rebello, J.—The Apex Court by order dated August 5, 2004 has remitted the matter to this Court from an appeal which was filed against the order dated August 5, 2003. The matter has been remitted for deciding the inter se priority of dues of the workers and the Bank. Punjab National Bank had advanced monies to the Company under liquidation. Those amounts are now sought to be claimed by respondent No. 5, Asset Reconstructions Company (India) Limited. It is the contention of respondent No. 5 that the property which has been sold pursuant to notice issued u/s 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as Securitisation Act) was mortgaged in their favour and charge was registered under the Companies Act and, therefore, they are secured creditors. In the notice served u/s 13 of the Securitisation Act the amount claimed was in the sum of Rs. 4.66 crores. The workmen of the Company had filed the present petition as they had orders in their favour in proceedings taken out u/s 33-C(2) of the Industrial Disputes Act in the sum of Rs. 2,41,89,797/-.

2. In the course of the hearing before