2006 (4) TMI 264 - SUPREME COURT

Whether significance is lost in respect of inter se right of priority between two sets of secured creditors in view of section 529A of the Companies Act?

Whether section 48 of the Transfer of Property Act stands over-ridden by section 529A of the Companies Act.

Whether the Appellant can be said to have relinquished his right to claim as a secured creditor as it had not opted in terms of section 47 of the Provincial Insolvency Act?

Held that:- Appeal allowed. High Court has overlooked salient aspects of the provisions of the relevant Acts including that of the Provincial Insolvency Act. Hence, the impugned judgment cannot be sustained. It is set aside accordingly