https://www.taxtmi.com/caselaws?id=108011 Presentation of a winding-up petition marks the commencement of winding up under section 441(2) of the Companies Act, 1956, and section 537(1) renders later attachments or executions void unless leave of the court is obtained. The text distinguishes, however, between a pre-decree attachment under Order XXXVIII Rule 5 and a later execution attachment, treating the earlier attachment as the operative one. It also states that attachment under Order XXI Rule 54 does not create title, lien, or charge in favour of the decree-holder, so it does not make the decree-holder a secured creditor under section 125. The practical effect is that execution against company assets is not allowed on the footing of a court-created charge, and the claim must be pursued in liquidation. en-us Wed, 11 Jul 2001 00:00:00 +0530 Wed, 28 Mar 2012 13:04:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108011 Presentation of a winding-up petition marks the commencement of winding up under section 441(2) of the Companies Act, 1956, and section 537(1) renders later attachments or executions void unless leave of the court is obtained. The text distinguishes, however, between a pre-decree attachment under Order XXXVIII Rule 5 and a later execution attachment, treating the earlier attachment as the operative one. It also states that attachment under Order XXI Rule 54 does not create title, lien, or charge in favour of the decree-holder, so it does not make the decree-holder a secured creditor under section 125. The practical effect is that execution against company assets is not allowed on the footing of a court-created charge, and the claim must be pursued in liquidation. Case-Laws Companies Law Wed, 11 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108011