https://www.taxtmi.com/caselaws?id=427805 Assignment of secured debt supported by hypothecation and mortgage requires compulsory registration because it transfers rights in secured assets, not merely an actionable claim. An unregistered and insufficiently stamped assignment instrument cannot support proof of a financial claim, as stamp-duty compliance was not established. An assignee also cannot obtain committee of creditors participation where a related-party creditor assigns debt to circumvent the statutory exclusion. Where the timing, structure and purpose show that the transaction is designed for indirect entry into the committee, the assignee cannot claim a better position than the related-party assignor. The claim was therefore rejected. en-us Fri, 16 Sep 2022 00:00:00 +0530 Sat, 17 Sep 2022 13:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427805 Assignment of secured debt supported by hypothecation and mortgage requires compulsory registration because it transfers rights in secured assets, not merely an actionable claim. An unregistered and insufficiently stamped assignment instrument cannot support proof of a financial claim, as stamp-duty compliance was not established. An assignee also cannot obtain committee of creditors participation where a related-party creditor assigns debt to circumvent the statutory exclusion. Where the timing, structure and purpose show that the transaction is designed for indirect entry into the committee, the assignee cannot claim a better position than the related-party assignor. The claim was therefore rejected. Case-Laws Insolvency and Bankruptcy Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427805