https://www.taxtmi.com/caselaws?id=774647 The SC dismissed an appeal concerning priority of charges over a corporate debtor's movable assets. The case involved a dispute between a respondent who registered a charge under Section 77 of the Companies Act, 2013, and UCO Bank Consortium which held a first charge based on a Working Capital Consortium Agreement but failed to register with ROC. NCLAT had ruled that the respondent's arguments regarding holding first charge due to ROC registration were not attractive. The SC found no good reason to interfere with NCLAT's order, affirming that non-registration with ROC cannot override the bank consortium's primary charge established through the supplemental deed. en-us Mon, 19 May 2025 00:00:00 +0530 Sat, 12 Jul 2025 08:40:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774647 The SC dismissed an appeal concerning priority of charges over a corporate debtor's movable assets. The case involved a dispute between a respondent who registered a charge under Section 77 of the Companies Act, 2013, and UCO Bank Consortium which held a first charge based on a Working Capital Consortium Agreement but failed to register with ROC. NCLAT had ruled that the respondent's arguments regarding holding first charge due to ROC registration were not attractive. The SC found no good reason to interfere with NCLAT's order, affirming that non-registration with ROC cannot override the bank consortium's primary charge established through the supplemental deed. Case-Laws IBC Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774647