https://www.taxtmi.com/caselaws?id=98886 A statutory lien arising by operation of law can place its holder in the position of a secured creditor in company winding-up, and such a lien is not invalidated for want of registration under section 125 of the Companies Act, 1956. A lien under section 170 of the Indian Contract Act, 1872 confers a right of retention, while an unpaid seller under sections 46 and 47 of the Sale of Goods Act, 1930 may also have a right of resale. In insolvency-linked winding-up, the lien-holder may realise the machinery in possession through sale and apply the proceeds towards the debt, remitting any surplus to the official liquidator. en-us Fri, 22 Oct 1971 00:00:00 +0530 Fri, 04 Jul 2025 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98886 A statutory lien arising by operation of law can place its holder in the position of a secured creditor in company winding-up, and such a lien is not invalidated for want of registration under section 125 of the Companies Act, 1956. A lien under section 170 of the Indian Contract Act, 1872 confers a right of retention, while an unpaid seller under sections 46 and 47 of the Sale of Goods Act, 1930 may also have a right of resale. In insolvency-linked winding-up, the lien-holder may realise the machinery in possession through sale and apply the proceeds towards the debt, remitting any surplus to the official liquidator. Case-Laws Companies Law Fri, 22 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98886