https://www.taxtmi.com/caselaws?id=97383 The appellant was deemed a preferential creditor by the court in a case involving the Pioneer Bank Limited. The court held that the surplus amount claimed by the appellant should not be part of the general assets of the company, as the security given was for a specific purpose. The appellant was entitled to receive the surplus amount of Rs. 3,112-14-3 from the liquidator. The court allowed the appeal, setting aside the previous order and awarding costs to the appellant for both the appeal and the trial. en-us Thu, 03 May 1956 00:00:00 +0530 Mon, 16 Jan 2012 14:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97383 The appellant was deemed a preferential creditor by the court in a case involving the Pioneer Bank Limited. The court held that the surplus amount claimed by the appellant should not be part of the general assets of the company, as the security given was for a specific purpose. The appellant was entitled to receive the surplus amount of Rs. 3,112-14-3 from the liquidator. The court allowed the appeal, setting aside the previous order and awarding costs to the appellant for both the appeal and the trial. Case-Laws Companies Law Thu, 03 May 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97383