https://www.taxtmi.com/caselaws?id=97942 The court dismissed the Punjab State's application seeking priority in recovering a loan under section 530 of the Companies Act, 1956. The State's claim for recovering arrears of land revenue ahead of other debts was rejected due to the non-registration of the mortgage, rendering the State unable to benefit as a secured creditor. The court ruled that the State's claim did not align with the prioritized debts specified in the Companies Act, directing each party to bear their own costs. 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 The court dismissed the Punjab State's application seeking priority in recovering a loan under section 530 of the Companies Act, 1956. The State's claim for recovering arrears of land revenue ahead of other debts was rejected due to the non-registration of the mortgage, rendering the State unable to benefit as a secured creditor. The court ruled that the State's claim did not align with the prioritized debts specified in the Companies Act, directing each party to bear their own costs. Case-Laws Companies Law Fri, 09 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97942