https://www.taxtmi.com/caselaws?id=213408 A mere money decree or decree permitting recovery by sale of assets does not convert an unsecured creditor into a secured creditor in liquidation unless there is an underlying charge created by the company, a charge arising by operation of law, or a decree that itself creates security. Where no debentures were issued, no security was created, and no charge was registered, the statutory scheme governing registration of charges remains controlling. On those facts, the creditor was not entitled to be treated as secured, and the refusal to recognise secured creditor status was sustained. en-us Thu, 17 Mar 2011 00:00:00 +0530 Thu, 07 Feb 2013 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213408 A mere money decree or decree permitting recovery by sale of assets does not convert an unsecured creditor into a secured creditor in liquidation unless there is an underlying charge created by the company, a charge arising by operation of law, or a decree that itself creates security. Where no debentures were issued, no security was created, and no charge was registered, the statutory scheme governing registration of charges remains controlling. On those facts, the creditor was not entitled to be treated as secured, and the refusal to recognise secured creditor status was sustained. Case-Laws Companies Law Thu, 17 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213408