https://www.taxtmi.com/caselaws?id=367654 The court held that secured creditors standing outside the winding up process cannot seek reimbursement for security expenses from the official liquidator, as it would unfairly favor them over unsecured creditors. Therefore, SICOM and Canara Bank were not entitled to reimbursement for security charges. Additionally, SICOM, having received payment from the guarantor exceeding the adjudicated claim, could not claim further amounts from the official liquidator. The court emphasized that the guarantor's rights and liabilities are co-extensive with the principal debtor's, preventing double recovery by the creditor. SICOM was directed to pay interest on the excess amount received and allowed to pursue remaining claims against the guarantor. en-us Thu, 30 Aug 2018 00:00:00 +0530 Mon, 24 Sep 2018 08:21:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367654 The court held that secured creditors standing outside the winding up process cannot seek reimbursement for security expenses from the official liquidator, as it would unfairly favor them over unsecured creditors. Therefore, SICOM and Canara Bank were not entitled to reimbursement for security charges. Additionally, SICOM, having received payment from the guarantor exceeding the adjudicated claim, could not claim further amounts from the official liquidator. The court emphasized that the guarantor's rights and liabilities are co-extensive with the principal debtor's, preventing double recovery by the creditor. SICOM was directed to pay interest on the excess amount received and allowed to pursue remaining claims against the guarantor. Case-Laws Companies Law Thu, 30 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367654