https://www.taxtmi.com/caselaws?id=97942 In company winding up, the State's loan claim could not be recovered as arrears of land revenue in priority to other creditors because the distribution of assets was governed by the Companies Act, 1956. Section 530 did not create a general priority for all State debts; only statutory preferential dues ranked ahead in liquidation, and this claim did not fall within that class. The alleged mortgage also could not confer secured status because the charge had not been registered as required under company law. For these reasons, the State was not entitled to preferential recovery, and its claim failed. en-us Fri, 09 Mar 1962 00:00:00 +0530 Wed, 18 Jan 2012 16:27:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97942 In company winding up, the State's loan claim could not be recovered as arrears of land revenue in priority to other creditors because the distribution of assets was governed by the Companies Act, 1956. Section 530 did not create a general priority for all State debts; only statutory preferential dues ranked ahead in liquidation, and this claim did not fall within that class. The alleged mortgage also could not confer secured status because the charge had not been registered as required under company law. For these reasons, the State was not entitled to preferential recovery, and its claim failed. Case-Laws Companies Law Fri, 09 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97942