held ultimately that the respondents' claim to be declared as preferential creditors is well-founded, the forum in which the issues that might arise ... contemporaneously preferential rights over the same vehicles as charge-holders of the same. This respondent also projects a claim as a preferential creditor
meeting of the shareholders, secured creditors and unsecured creditors, it was stated that the preferential creditors have been paid in full and a dividend ... case for calling for any meeting of the shareholders, unsecured creditors, ordinary creditors and preferential creditors for the purpose of considering the proposed scheme
Modiluft Limited And Ors. vs S.K. Modi And Ors. on 15 July, 2005
Author
creditor the amount due to him on the due date, on the insolvency of the debtor the creditor becomes his preferential creditor. One has only ... creditor. But what the appellants are claiming is not that they are creditors, but that they are preferential creditors, and in deciding whether the appellants
specific assets)including workmen dues.
2. Cost of liquidation
3. Preferential Creditors
4. Creditors secured by floating charge on the assets
5. Unsecured creditors
secured
creditors rank pari-pasu and are treated as over-riding preferential
creditors whose debts shall be paid in priority to all other debts ... assets are left in surplus after payment of the preferential creditors
under sections 529 , 529(A) and 530 of the Companies Act, 1956 are
made
secured
creditors rank pari-pasu and are treated as over-riding preferential
creditors whose debts shall be paid in priority to all other debts ... assets are left in surplus after payment of the preferential creditors
under sections 529 , 529(A) and 530 of the Companies Act, 1956 are
made
secured
creditors rank pari-pasu and are treated as over-riding preferential
creditors whose debts shall be paid in priority to all other debts ... assets are left in surplus after payment of the preferential creditors
under sections 529 , 529(A) and 530 of the Companies Act, 1956 are
made
secured
creditors rank pari-pasu and are treated as over-riding preferential
creditors whose debts shall be paid in priority to all other debts ... assets are left in surplus after payment of the preferential creditors
under sections 529 , 529(A) and 530 of the Companies Act, 1956 are
made
secured creditor was attended by 9 secured creditors claiming to the
total dues of Rs.188,04,00,0000. All the 9 secured creditors
present ... further submitted that if the sanction may not bind
the preferential creditors as a class, the Company will have to
honour its liabilities towards them
