https://www.taxtmi.com/caselaws?id=110208 A court order or undertaking does not by itself create a mortgage, charge, lien or other enforceable security in favour of ONGC, and secured creditor status cannot arise without compliance with statutory requirements such as registration of charge. The High Court also held that any claim to priority in winding up must yield to the Companies Act, 1956, under which section 529 subjects secured creditors to the pari passu charge of workmen and section 529A gives overriding priority to workmen's dues and the protected debt of secured creditors. ONGC's preferential claim was therefore untenable, and any claim had to be pursued within the statutory winding-up scheme. en-us Fri, 01 Oct 2004 00:00:00 +0530 Sat, 14 Apr 2012 12:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110208 A court order or undertaking does not by itself create a mortgage, charge, lien or other enforceable security in favour of ONGC, and secured creditor status cannot arise without compliance with statutory requirements such as registration of charge. The High Court also held that any claim to priority in winding up must yield to the Companies Act, 1956, under which section 529 subjects secured creditors to the pari passu charge of workmen and section 529A gives overriding priority to workmen's dues and the protected debt of secured creditors. ONGC's preferential claim was therefore untenable, and any claim had to be pursued within the statutory winding-up scheme. Case-Laws Companies Law Fri, 01 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110208