https://www.taxtmi.com/caselaws?id=97930 A secured creditor who does not realise, relinquish, or value his security remains outside insolvency for the secured debt, so the creditor's contractual rights are not displaced by the winding-up order. The rules limiting post-adjudication interest on provable unsecured debts apply only to creditors competing in insolvency, not to the secured portion of the claim. The official liquidator takes only the equity of redemption, and only any unsecured balance, if proved, is governed by insolvency rules on dividend and interest. The secured debt therefore carries contractual interest until payment in full. en-us Fri, 29 Sep 1961 00:00:00 +0530 Wed, 18 Jan 2012 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97930 A secured creditor who does not realise, relinquish, or value his security remains outside insolvency for the secured debt, so the creditor's contractual rights are not displaced by the winding-up order. The rules limiting post-adjudication interest on provable unsecured debts apply only to creditors competing in insolvency, not to the secured portion of the claim. The official liquidator takes only the equity of redemption, and only any unsecured balance, if proved, is governed by insolvency rules on dividend and interest. The secured debt therefore carries contractual interest until payment in full. Case-Laws Companies Law Fri, 29 Sep 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97930