HC addressed priority of claims among secured and unsecured ...

In a recent case, the court clarified that the right to recover money through a mortgage is a Constitutional right. Priority of claims upheld.

Case Laws Companies Law

June 15, 2024

HC addressed priority of claims among secured and unsecured creditors in liquidation. Referring to SC precedent, HC upheld first charge holder's priority over second charge holder u/s 48 of Transfer of Property Act. Despite Companies Act not specifying priorities over mortgaged assets, HC affirmed Transfer of Property Act's application. Recovery officer's report aligned with HC's order, rejecting objections. HC directed Official Liquidator to release Rs. 9.5 Crores to recovery officer for distribution to certificate holders, retaining workers' dues. Application disposed of within fifteen working days.

View Source

← Previous Next →

HC addressed priority of claims among secured and unsecured ...

In a recent case, the court clarified that the right to recover money through a mortgage is a Constitutional right. Priority of claims upheld.

Case Laws Companies Law

June 15, 2024

You may also like:

Initiation of CIRP - The petitioner has absolute rights in the mortgaged property and cannot initiate any action under section 7 upon non-payment of dues under the...

The court granted regular bail to the accused in a money laundering case, considering the prolonged incarceration, the likelihood of delay in trial, and the...

Recovery of VAT from the purchaser of property in Auction - Attachment of mortgaged properties - It is hereby declared that the respondent No.2 had the first charge over...

Money Laundering - The impugned order confirming the provisional attachment order is passed without application of mind and without understanding the law, it is liable...

Valuable right of recovery of petitioner as secured creditor - Tax recovery proceedings - priority to secured creditors - equitable mortgage created by the bank - The...

CIRP - Unsecured Financial Creditor or not - Non-registration of charge before the Registrar of Companies - the mortgaged property, will form part of the Liquidation...

The Tribunal granted permission to the Applicant to distribute the unsold assets, being the amount recoverable from the corporate debtor and its erstwhile management...

Tax recovery proceedings - Right over property mortgaged - It has come to the knowledge of the Tax Recovery Officer that the defaulter has mortgaged the subject property...

Doctrine of constitutional priority - Supremecy of attachment passed by the Tax Recovery Officer / Income Tax Department or to the mortgage created in favour of the...

Accrual of income - retention money - When the assessee had no right to receive the money by virtue of the contract between the parties and the assessee also had no...

Deed of pledge of shares - voting right - The express terms of the Deed of Pledge will prevail - In the present case the use of the pledged goods will include exercise...

Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards - Money changing activities - Circular

Constitutional validity - Amendment to Prohibition of Benami Property Transactions Act, 1988 - This Court is aware of the fact that the ‘Right to Property’ is not a...

Priority of secured creditors under the SARFAESI Act over claims by the Income Tax Department. The respondent mortgaged the property to the petitioner in 2013-14, prior...

Constitutional validity of of amendment to LIC Act - Money Bill of not - Sections 128 to 146 of the Finance Act, 2021 - the reason for amendment is to bring the money...

Quick Updates: