ICICI BANK LTD. vs SIDCO LEATHERS LTD. .

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, such as the appellant and other financial institutions, have the right to pursue recovery of their dues outside the winding up process, provided they have obtained the necessary permissions from the Company Court. The judgment affirmed the High Court's decision allowing the appellant to continue its suit for recovery against the company in liquidation.