https://www.taxtmi.com/caselaws?id=444739 Contemporaneous financing documents, read as a whole, showed an unconditional transfer of receivables to the lender for repayment. The Court held that the substance of the arrangement, not the label of "pledge," governed its character, so the transaction was an assignment of receivables rather than a mere security interest. Future rent receivables were treated as actionable claims transferable by written instrument under the Transfer of Property Act, 1882. Once assigned, they ceased to remain the borrower's property to that extent and were outside the asset freeze order, leaving the borrower only the residual balance beyond the facility liability. en-us Thu, 19 Oct 2023 00:00:00 +0530 Sat, 21 Oct 2023 07:01:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444739 Contemporaneous financing documents, read as a whole, showed an unconditional transfer of receivables to the lender for repayment. The Court held that the substance of the arrangement, not the label of "pledge," governed its character, so the transaction was an assignment of receivables rather than a mere security interest. Future rent receivables were treated as actionable claims transferable by written instrument under the Transfer of Property Act, 1882. Once assigned, they ceased to remain the borrower's property to that extent and were outside the asset freeze order, leaving the borrower only the residual balance beyond the facility liability. Case-Laws Companies Law Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444739