TaxTMI 
TaxTMI 
1978 (1) TMI 133
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....nguage in the order, but this is the sum and substance and effect of the order. The present appeal is not concerned with the quantum of the claim, but with the nature of the claim. In other words, the appellant wants to be treated as a secured creditor having a preferential right over other creditors. The appellant relies on an agreement dated 19th December, 1967, entered into with the company which is reproduced in the grounds of appeal. It is also stated that this agreement created a mortgage/charge, which was registered under section 132 of the Companies Act, 1956. The winding-up order was passed on 18th November, 1968, which means that the agreement was entered into within one year from the date of the winding-up order. There are no re....
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....and I would not like to decide a claim of this type in this manner. The next question is: can the appellant avail of any other remedy or is he to be left to a chance decision recorded one way or the other on the present material? At the same time, it may be recalled that the official liquidator has many rights such as the rights to challenge preferential payments or fraudulent payments or charges created otherwise than for good consideration as provided in sections 531, 531A and 532 and other sections. It would be most unsatisfactory if the official liquidator were to be deprived of his right to challenge a voluntary transfer under section 531A merely because he has to decide the case himself. In fact, on taking into consideration the diff....
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....plication, the court can adjudicate a claim by the present appellant against the company; the claim being that he is a secured creditor and at the same time, the court can adjudicate a claim by the official liquidator that this claim is bad because it is not registered. It is bad only in the sense that it does not lead to any preference. At the same time, it can be said that the charge or mortgage is void under section 531A or any other provision that the official liquidator may be able to point out. Then the court can deal under sub-clause (d) with any question of priority or any question whatsoever whether of law or fact which arises in the course of the winding up of the company. Here is a case where a question of priority has arisen and....