https://www.taxtmi.com/caselaws?id=113607 A first charge holder over a company's fixed assets was entitled to priority in distribution from liquidation sale proceeds over a second charge holder. The court applied the principle that, where competing charges exist over the same property, the first charge prevails, and recognised the statutory priority accorded to secured creditors and workmen's dues in winding up. On the facts, the liquidation funds were sufficient to meet the admitted security expenses and part of the secured claim, so those amounts were directed to be disbursed in priority to the appellant as first charge holder. en-us Wed, 06 Jan 2010 00:00:00 +0530 Sat, 18 Oct 2014 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113607 A first charge holder over a company's fixed assets was entitled to priority in distribution from liquidation sale proceeds over a second charge holder. The court applied the principle that, where competing charges exist over the same property, the first charge prevails, and recognised the statutory priority accorded to secured creditors and workmen's dues in winding up. On the facts, the liquidation funds were sufficient to meet the admitted security expenses and part of the secured claim, so those amounts were directed to be disbursed in priority to the appellant as first charge holder. Case-Laws Companies Law Wed, 06 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113607