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2019 (6) TMI 219 - HC - Companies LawSecured credit or not - properties of the petitioner attached before the order of liquidation - Whether Applicant is an unsecured creditor or a secured creditor? - HELD THAT:- It is only if a creditor has realized the proceeds of sale of an asset of the Company prior to the winding-up order can such creditor claim to have prior rights over such asset/its sale proceeds. In the present case, the mere fact that the Company’s properties have been attached, not even sold, prior to the winding-up order dated 19th July 2007 does not have any consequence on its status as an unsecured creditor at all. In the absence of a charge having been registered by applicant prior to the winding up order dated 19th July 2007, applicant cannot be considered as a secured creditor - application disposed off.
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