https://www.taxtmi.com/caselaws?id=797738 Mortgage priority in liquidation depends on the chronology and subsistence of security interests. An earlier second pari-passu charge may move into first priority after discharge of an earlier first mortgage, leaving a later simple mortgage subordinate under the rule that later interests are subject to prior vested rights. Non-registration of a charge does not create or extinguish the underlying security or improve a subsequent mortgagee's priority where notice exists. Valid assignments do not permit enforcement outside liquidation where no timely election to realise security is made; the security interest then becomes part of the liquidation estate. The Liquidator may administer the property and retain its title deeds. en-us Fri, 21 Aug 2026 00:00:00 +0530 Thu, 27 Aug 2026 08:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797738 Mortgage priority in liquidation depends on the chronology and subsistence of security interests. An earlier second pari-passu charge may move into first priority after discharge of an earlier first mortgage, leaving a later simple mortgage subordinate under the rule that later interests are subject to prior vested rights. Non-registration of a charge does not create or extinguish the underlying security or improve a subsequent mortgagee's priority where notice exists. Valid assignments do not permit enforcement outside liquidation where no timely election to realise security is made; the security interest then becomes part of the liquidation estate. The Liquidator may administer the property and retain its title deeds. Case-Laws IBC Fri, 21 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797738