ORDER :

S.D. Dave, J.

Under a tripartite agreement between the workers, the workers' co-operative society and the mills company (in liquidation), the said mills company used to deduct amounts at the specified rate, from the worker's wages every month, and to transmit the same to the credit society to enable it to credit the amounts so received in the accounts of the workmen individually against the dues of the credit society. An amount of a significant value had remained with the mills company till the orders of winding up. The question before me is, as to whether the said money can be said to have been impressed with the character of trust money, for which the credit society can make a preferential claim, or whether the said money can be said to be the assets of the mills company in liquidation, for the recovery of which the credit society shall have to lodge a claim before the official liquidator, which once again shall have to rank pari passu with the dues of the secured creditors under section 529A of the Companies Act, 1956 ?

2. The subsequent question based upon the contention coming from the learned counsel for the secured creditor is, as to whether the credit society can make