https://www.taxtmi.com/caselaws?id=160462 A prior pledge gives the pawnee a special property and lien over the pledged goods, including the right to retain, sell on default, and appropriate the sale proceeds towards the debt. In the absence of winding-up proceedings, competing claims by the Cane Commissioner and workmen were treated as unsecured claims and did not override the bank's pledge. Section 529 of the Companies Act was held inapplicable because the statutory liquidation regime was not attracted. The pledged asset's sale proceeds therefore had to be applied first to satisfy the pawnee's debt, with any surplus available for other claimants. en-us Tue, 07 Aug 2007 00:00:00 +0530 Thu, 05 Jun 2014 19:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160462 A prior pledge gives the pawnee a special property and lien over the pledged goods, including the right to retain, sell on default, and appropriate the sale proceeds towards the debt. In the absence of winding-up proceedings, competing claims by the Cane Commissioner and workmen were treated as unsecured claims and did not override the bank's pledge. Section 529 of the Companies Act was held inapplicable because the statutory liquidation regime was not attracted. The pledged asset's sale proceeds therefore had to be applied first to satisfy the pawnee's debt, with any surplus available for other claimants. Case-Laws VAT and Sales Tax Tue, 07 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160462