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        Companies Law

        Rule 60 - When secured creditor can vote

        Companies (Winding Up) Rules, 2020
        MEETINGS OF CREDITORS AND CONTRIBUTORIES

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        Secured creditor voting rights limited to net claim after declared security value is deducted from the debt. Rule 60 requires a secured creditor who retains security to state in the proof the security particulars, date given and value as assessed by a registered valuer, and permits voting only for the balance due after deducting the assessed value of the security.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Secured creditor voting rights limited to net claim after declared security value is deducted from the debt.

                              Rule 60 requires a secured creditor who retains security to state in the proof the security particulars, date given and value as assessed by a registered valuer, and permits voting only for the balance due after deducting the assessed value of the security.


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