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        Case ID :
        Companies Law

        In liquidation, a guarantor or assignee can claim as a secured...

        Subrogation in liquidation limits a guarantor's claim to debts actually discharged, while an assignee bank retains secured status.

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                          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.
                                In liquidation, a guarantor or assignee can claim as a secured creditor only to the extent it proves payment of the discharged debt and its subrogation into the original creditor's shoes; without documentary proof of full discharge, the claim remains limited to the amount actually paid. An assignment supported by a registered charge was treated as covering the secured debt itself, not merely the value of the hypothecated machinery, and computation issues such as exchange-rate conversion were left to the Chartered Accountant's report. Allegations that the assignment was fraudulent were not accepted on the facts stated.
                                Note: It is a system-generated summary and is for quick reference only.
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