https://www.taxtmi.com/caselaws?id=99999 A guarantor who pays a secured debt is subrogated to the creditor's security only to the extent of the liability actually discharged. Here, the Union of India, having satisfied the bank's dues under a guarantee and assignment arrangement, was recognised as a secured creditor only for the quantified security amount, and no wider secured status was allowed. Where the charged properties had already been sold in winding-up, the security attached to the sale proceeds, so the official liquidator was not required to return the title deeds or execute any reconveyance or assignment in favour of the Union of India. en-us Mon, 31 Mar 1980 00:00:00 +0530 Mon, 30 Jan 2012 18:12:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99999 A guarantor who pays a secured debt is subrogated to the creditor's security only to the extent of the liability actually discharged. Here, the Union of India, having satisfied the bank's dues under a guarantee and assignment arrangement, was recognised as a secured creditor only for the quantified security amount, and no wider secured status was allowed. Where the charged properties had already been sold in winding-up, the security attached to the sale proceeds, so the official liquidator was not required to return the title deeds or execute any reconveyance or assignment in favour of the Union of India. Case-Laws Companies Law Mon, 31 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99999