https://www.taxtmi.com/caselaws?id=332005 An assignee of debts under a registered assignment deed could not be substituted for the assignor in winding-up proceedings where the assignment was executed after the winding-up order and creditor rights had crystallised. The application was also tied to a claim of secured-creditor status and SARFAESI remedies, but the assignee was neither a bank, financial institution, securitisation company nor reconstruction company, and therefore lacked the statutory standing to proceed as a secured creditor under that regime. The transaction was viewed in the context of liquidation protection, competing claims of secured creditors and workmen, and public interest. Substitution was rightly refused. en-us Fri, 02 Sep 2016 00:00:00 +0530 Tue, 12 Feb 2019 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332005 An assignee of debts under a registered assignment deed could not be substituted for the assignor in winding-up proceedings where the assignment was executed after the winding-up order and creditor rights had crystallised. The application was also tied to a claim of secured-creditor status and SARFAESI remedies, but the assignee was neither a bank, financial institution, securitisation company nor reconstruction company, and therefore lacked the statutory standing to proceed as a secured creditor under that regime. The transaction was viewed in the context of liquidation protection, competing claims of secured creditors and workmen, and public interest. Substitution was rightly refused. Case-Laws Companies Law Fri, 02 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332005