https://www.taxtmi.com/caselaws?id=96820 Section 78 of the Companies Act 1929 did not exclude the operation of section 264(4)(b) for preferential debts where a receiver had already been appointed. Preferential priority over debenture holders applied only to property still subject to a floating charge at the date of winding up. Assets over which the receiver had been appointed were treated as having crystallised into a fixed charge and were outside that priority, while any remaining charged property continued to attract preferential claims. en-us Mon, 11 Nov 1940 00:00:00 +0530 Wed, 11 Jan 2012 13:09:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96820 Section 78 of the Companies Act 1929 did not exclude the operation of section 264(4)(b) for preferential debts where a receiver had already been appointed. Preferential priority over debenture holders applied only to property still subject to a floating charge at the date of winding up. Assets over which the receiver had been appointed were treated as having crystallised into a fixed charge and were outside that priority, while any remaining charged property continued to attract preferential claims. Case-Laws Companies Law Mon, 11 Nov 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96820