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TMI Blog2023 (12) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of Section 53 of the Code - HELD THAT:- Section 3(30) of the Code defines secured creditor which means a creditor in favour of whom security interest is created. Section 3(31) deals with security interest which means right, title or interest or a claim to property, created in favour of, or provided for a secured creditor by a transaction which secures payment or performance of an obligation and includes mortgage, charge, hypothecation, assignment and encumbrance or any other agreement or arrangement securing payment or performance of any obligation of any person. Provided that security interest shall not include a performance guarantee. Section 3(4) deals with charge means an interest or lien created on the property or asset of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution of the liquidation assets under Section 53 of the Code but the liquidator vide its email dated 23.03.2023 categorized the Appellant as an Operational Creditor instead of secured creditor. 3. It is alleged that vide email dated 01.06.2023, the Appellant clarified that as per Section 171 of Indian Contract Act, 1872 (in short Act ) the Appellant is entitled to be considered as secured creditor whereas the liquidator vide its email dated 21.06.2023 responded that the Corporate Debtor has been sold as going concern and the sale proceeds have been distributed to the stakeholders in accordance with the provisions of Section 53 of the Code and further stated that he has filed an application before the Adjudicating Authority for closure o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , title or interest or a claim to property, created in favour of, or provided for a secured creditor by a transaction which secures payment or performance of an obligation and includes mortgage, charge, hypothecation, assignment and encumbrance or any other agreement or arrangement securing payment or performance of any obligation of any person. Provided that security interest shall not include a performance guarantee. Section 3(4) deals with charge means an interest or lien created on the property or asset of any person or any of its undertakings or both as the case may be as security and includes a mortgage. In the present case, the Appellant has relied upon Section 171 of the Act with is reproduced as under: - 171. General lien of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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