Pari Passu - Definition - Law Dictionary Home Dictionary Definition pari-passu

Definition :

Pari passu [Lat.], means 'with equal steps, equally, without preference' (Jowitts's Dictionary, Vol. II, 1959 Edn., p. 1294), International Coach Builders Ltd. v. Karnataka State Financial Corporation, (2003) 10 SCC 482 (493).

With equal step, equally, without preference.

The lexical meaning of the Latin word pari passu is -- at an equal rate or pace, with simultaneous progress, proportionately etc. This term is generally used in the context of creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other, N.D. Jayal v. Union of India, (2004) 9 SCC 362 (389).

Mean 'By an equal progress; equably, ratably; without preference, Narmada Bachao Andolan v. Union of India, (2005) 4 SCC 32.