https://www.taxtmi.com/caselaws?id=97944 A secured creditor who elects to value his security and prove for the balance in a liquidation does not obtain a statutory right to set off the assessed value against proceeds of a court-conducted sale; recognition of the valued security as discharged requires court redemption under the statutory power. An indemnity bond offered by the creditor cannot substitute for statutory redemption and does not oblige the official liquidator to allow set-off. Operatively, the claim to set off debenture value against mill sale proceeds is not permitted and the appeal was dismissed with parties to bear their own costs. en-us Fri, 30 Mar 1962 00:00:00 +0530 Wed, 18 Jan 2012 16:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97944 A secured creditor who elects to value his security and prove for the balance in a liquidation does not obtain a statutory right to set off the assessed value against proceeds of a court-conducted sale; recognition of the valued security as discharged requires court redemption under the statutory power. An indemnity bond offered by the creditor cannot substitute for statutory redemption and does not oblige the official liquidator to allow set-off. Operatively, the claim to set off debenture value against mill sale proceeds is not permitted and the appeal was dismissed with parties to bear their own costs. Case-Laws Companies Law Fri, 30 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97944