https://www.taxtmi.com/caselaws?id=101949 A secured creditor in liquidation may realise its security and, if any balance remains after that realisation, prove only for the deficiency in the winding-up. The creditor need not state an express election in so many words when seeking leave under section 446, but the nature of the claim must be made clear so the liquidation process is not confused. The Court may also impose terms regulating execution, appropriation of sale proceeds, and proof before the official liquidator, because such conditions protect the general body of creditors, contributories and workmen and preserve statutory priorities. en-us Thu, 05 Apr 1990 00:00:00 +0530 Mon, 13 Feb 2012 12:40:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101949 A secured creditor in liquidation may realise its security and, if any balance remains after that realisation, prove only for the deficiency in the winding-up. The creditor need not state an express election in so many words when seeking leave under section 446, but the nature of the claim must be made clear so the liquidation process is not confused. The Court may also impose terms regulating execution, appropriation of sale proceeds, and proof before the official liquidator, because such conditions protect the general body of creditors, contributories and workmen and preserve statutory priorities. Case-Laws Companies Law Thu, 05 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101949