https://www.taxtmi.com/caselaws?id=96870 An unregistered floating charge created over present and future machinery, permitting change in assets and company control, is a floating charge requiring statutory registration and is therefore void for want of registration; consequence: the purported second charge is invalid. A deposit of Rs. 50,000 paid into the company's general accounts with an express obligation to repay with interest constituted a debtor creditor relationship rather than trust property; consequence: the depositor is an ordinary creditor with no preferential claim. The appeal was dismissed, leaving the official liquidator's determinations intact. en-us Tue, 09 Dec 1941 00:00:00 +0630 Wed, 11 Jan 2012 17:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96870 An unregistered floating charge created over present and future machinery, permitting change in assets and company control, is a floating charge requiring statutory registration and is therefore void for want of registration; consequence: the purported second charge is invalid. A deposit of Rs. 50,000 paid into the company's general accounts with an express obligation to repay with interest constituted a debtor creditor relationship rather than trust property; consequence: the depositor is an ordinary creditor with no preferential claim. The appeal was dismissed, leaving the official liquidator's determinations intact. Case-Laws Companies Law Tue, 09 Dec 1941 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96870