https://www.taxtmi.com/caselaws?id=381142 A recovery certificate under Section 101 of the Maharashtra Co-operative Societies Act merely quantified the dues and made them recoverable as arrears of land revenue; it did not create a charge on the company's property. Attachment and pre-auction steps under Section 156 and Rule 107 were only execution machinery, and attachment itself did not confer secured status. The applicant also could not rely on Sections 47 or 48, an unregistered mortgage, or belated charge registration after winding up to claim priority. As no charge was created or validly registered before the winding-up order, Section 125 of the Companies Act, 1956 barred secured creditor status, and the applicant was treated as an unsecured creditor. en-us Mon, 03 Jun 2019 00:00:00 +0530 Wed, 05 Jun 2019 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381142 A recovery certificate under Section 101 of the Maharashtra Co-operative Societies Act merely quantified the dues and made them recoverable as arrears of land revenue; it did not create a charge on the company's property. Attachment and pre-auction steps under Section 156 and Rule 107 were only execution machinery, and attachment itself did not confer secured status. The applicant also could not rely on Sections 47 or 48, an unregistered mortgage, or belated charge registration after winding up to claim priority. As no charge was created or validly registered before the winding-up order, Section 125 of the Companies Act, 1956 barred secured creditor status, and the applicant was treated as an unsecured creditor. Case-Laws Companies Law Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381142