s 223 Realisation of security
223.—(1) In the insolvent winding up of a company, no secured creditor is entitled to any interest in respect of the secured creditor’s debt after the commencement of the winding up, if the secured creditor does not realise the secured creditor’s security within 12 months after the commencement of the winding up or such further period as the liquidator may determine. (2) Where a company is in judicial management and a secured creditor has obtained the permission of the Court or consent of the judicial manager to enforce any security over the company’s property under section 96(4)(e), that secured creditor is not entitled to any interest in respect of the secured creditor’s debt from the date that such permission or consent is obtained, if the secured creditor does not realise the secured creditor’s security within 12 months after the date on which the permission or consent to enforce the security was given or such further period as the judicial manager may determine.[Act 25 of 2021 wef 01/04/2022]