JUDGMENT : R.K. Abichandani, J. The applicant has prayed for stay of the operation of the impugned order made on September 30, 1999 (since reported in Nutan Mills Employees Co-operative Credit Society Ltd. v. Official Liquidator of Nutan Mills Ltd. [2001] 104 Comp Cas 439 (Guj) by the learned company judge. Ad interim relief was granted on November 4, 1999, in terms of paragraph 18(a) in which the stay was prayed for. The learned company judge on an application which was made by the credit society of the workmen gave a direction to the official liquidator to pay the amount in question to the credit society from the funds available with him before he undertakes the exercise of distribution of the proceeds realised by disposing of the assets of the mill company. 2. The grievance of the appellant is that the amount which was deducted from the wages of the workmen for the purpose of repayment of the loan advanced to them by the credit society would at best rank pari passu with the dues of the secured creditors and cannot be dealt with de hors the liabilities of the company towards secured creditors. The claim of the credit society was that the amount of Rs. 8,95, 196.50 which remained outstanding in the hands of the company for being paid to the society was impressed with the character of a trust and the company was a sort of a trustee or a quasi-trustee in respect of that amount, and, therefore, the liquidator was bound to repay the same to the workers of the mill company. The learned single judge referring to the decision of this court in Baroda Spinning and Weaving Mills Company Ltd. v. Baroda Spinning and Weaving Mills Co-operative Credit Society Ltd. [1976] 46 Comp Cas 1 held that the said decision puts the controversy to an end, and, therefore, the money in the hands of the company was impressed with the character of a trust money and the credit society can make a preferential claim before the exercise of distribution of the proceeds realised by disposing of the assets of the mill company. 3. 3. Under Section 50(3) of the Gujarat Co-operative Societies Act it is pointed out that where there is a default made in remitting the amount deducted by the employer to the credit society, the employer shall be personally liable for the payment thereof and the amount shall be recovered on behalf of the society from him as an arrear of land revenue on a certificate being issued by the Registrar after holding such enquiry as he deems fit and the amount so due shall rank in priority in respect of such liability of the employer as wages in arrears. The controversy is as to whether the said amount would be wages in arrears under Section 529A or not ? If the credit society is to step into the shoes of the employee as regards the said amount which is to be treated as wages in arrears, the provisions of Section 529A would get attracted. In that event also, the society would be entitled to get the amount to be worked out in the context of the dues of the secured creditors and workmen's dues, if any. Therefore, pending the controversy, it would be appropriate if the amount in question is paid to the credit society subject to the outcome of this appeal by way of interim relief. It is, therefore, directed that the amount in question paid by the official liquidator to the respondent-society on the condition that the society shall keep it in a fixed deposit with a nationalised bank during the pendency of this appeal. Rule is made absolute accordingly with no order as to costs.