2005 (1) TMI 401 - HC - Companies Law

Summary

The High Court of Madras ruled in favor of a secured creditor in a case involving a company in liquidation. The court held that the claim of the secured creditor prevails over those of the Income-tax Department and the Karnataka Sales Tax Department, citing a Supreme Court decision. The judgment was modified to reflect this decision, subject to the provisions of section 529A of the Companies Act.