https://www.taxtmi.com/caselaws?id=168903 The Supreme Court ruled in favor of the Bank, acting as a pledgee, in a case involving the government's seizure of sugar held as security under a cash credit system agreement. The Court held that the Bank's rights as a pledgee were not extinguished by the seizure, emphasizing the Bank's special property interest and right to reimbursement from the Government for the amount secured by the pledge. The Court overturned the High Court's decision, granting a decree against the State in favor of the Bank as a secured creditor, while upholding the decree against other defendants. The Bank was awarded costs throughout. en-us Thu, 01 Apr 1971 00:00:00 +0530 Wed, 29 Apr 2015 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168903 The Supreme Court ruled in favor of the Bank, acting as a pledgee, in a case involving the government's seizure of sugar held as security under a cash credit system agreement. The Court held that the Bank's rights as a pledgee were not extinguished by the seizure, emphasizing the Bank's special property interest and right to reimbursement from the Government for the amount secured by the pledge. The Court overturned the High Court's decision, granting a decree against the State in favor of the Bank as a secured creditor, while upholding the decree against other defendants. The Bank was awarded costs throughout. Case-Laws Indian Laws Thu, 01 Apr 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168903