Icici Bank Ltd vs Sidco Leathers Ltd. & Ors

The Supreme Court interpreted Sections 529 and 529-A of the Companies Act, 1956, clarifying the rights of secured creditors in the context of winding up proceedings. The Court held that secured creditors, including the appellant and other financial institutions, are entitled to realize their security outside the winding up process, provided they obtain permission from the Company Court. The judgment affirmed the High Court's decision allowing the appellant to continue recovery proceedings against the company in liquidation, emphasizing the priority of charges created by the debtor in favor of different creditors.