https://www.taxtmi.com/caselaws?id=297663 Attachment creates custodial rights and an execution remedy but does not itself create a proprietary charge or convert an attaching creditor into a secured creditor entitled to priority; consequently attachment alone does not confer secured-creditor status. Where execution proceedings are pending on a winding up, the attaching creditor must obtain leave to proceed under the Companies Act and submit to any court-imposed terms; permitting execution to be disposed of and the Nazir to deliver possession to the liquidator without seeking or obtaining leave ordinarily extinguishes the attaching creditor's remedy in the winding up and precludes a claim to secured priority. en-us Thu, 07 Mar 1929 00:00:00 +0530 Thu, 16 Sep 2021 14:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297663 Attachment creates custodial rights and an execution remedy but does not itself create a proprietary charge or convert an attaching creditor into a secured creditor entitled to priority; consequently attachment alone does not confer secured-creditor status. Where execution proceedings are pending on a winding up, the attaching creditor must obtain leave to proceed under the Companies Act and submit to any court-imposed terms; permitting execution to be disposed of and the Nazir to deliver possession to the liquidator without seeking or obtaining leave ordinarily extinguishes the attaching creditor's remedy in the winding up and precludes a claim to secured priority. Case-Laws Companies Law Thu, 07 Mar 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297663