...floating charge was not created, and that the government advanced rs. 1,30,000 under the state aid to industries act and became a secured creditor taking precedence over the floating charge, if any, in...on the date of debenture trust deed, no effective or valid mortgage was created in respect of those properties, and that the floating charge, if any, created would not amount to a fixed charge. The.... Debentures may be secured (1) by way of a specific charge or mortgage on particular property of the company, or (2) by way of a floating chrage; or (3) by both a specific and floating...

...movable property to such creditor, as a security for financial assistance and includes floating charge and crystallisation of such charge into fixed charge on movable property. [Borrowed from Section 2...criminal breach of trust. It was alleged that a floating charge was created by the accused debtor on the goods by way of security under a deed of hypothecation, in favour of a bank to cover credit...case of pledge, the pledged article belongs to some other person but the same is kept in trust by the pledgee. In the instant case, a floating charge was made on the goods by way of security to cover...

...the financiers would have a floating and prior charge for all monies due to them for the time being including the amount due to them on the date of the agreement and all monies which they might choose...permanent injunction restraining the defendants first set from committing any breach of the aforesaid agreement dated July 6, 1948, as also for declaration that he had a prior and floating charge on all...unjustifiably closed the business of John & Co. and were colluding with the latter who were guilty of misappropriation and conversion of the goods over which he had a prior and floating charge. The plaintiff...

...pledged by way of a floating charge to secure the money that would become due from the mortgagor to the mortgagees. The mortgage contained a proviso that at no time during the continuance of the...security would the mortgagor permit the stock-in-trade to fall below the value of Rs. 1,400. Default being made in the payment of interest, the floating-charge matured and attached to the property that...was on the premises at the time, the charge ceased to float. Therefore all the stock-in-trade that was on the premises at the time the mortgagees determined to enforce the floating charge became a...

...holders of any debentures of a company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property, comprised in or subject to the charge, then, if the...meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or subject to that charge....”Now we consider that under these sub-sections workmen have a secured priority for their wages against the claims of holders of debentures under an floating charge created by the company...

...necessary or appropriate to effect on the first closing date, and thereafter, to protect and keep in full force and effect, a legal and valid first floating charge (hereinafter called the flouting charge) in...future, including its uncalled capital, such floating charge to be created by trust deed in such form as the Bank may reasonably request. It was pursuant to this stipulation in the agreement that the...all the undertaking, property and assets comprised in the floating charge created by Cl. 6(a) thereof, including any property or assets hereafter charged in accordance with Cl. 9(b) thereof. The...

...that deed all the immovable properties, the machinery, plant, stock-in-trade, fixtures, fittings and other chattels were mortgaged to the third respondent and he was given a floating charge over the...book debts of the company. The properties which were subject to the mortgage were described in separate paragraphs and there was a separate paragraph with reference to the floating charge over the book...are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or...

...-tax returns are expenses allowable in determining the assessable income under the Agrl. Income-tax Act.2. Whether in the circumstances of the case, the floating charge on the estates in...Kerala will come under “mortgage or other capital charge” in Section 5(f) of the Agrl. Income-tax Act.3. Whether the floating charge on the estate in Kerala can be a charge on the said...properties are mortgaged; and it has created also a floating charge on its properties in Kerala State. For the assessment year 1962-1963, for which the previous year ended on 31st September 1961, the...

...proceed on a misapprehension of the true nature and scope of clauses 5 and 6 above as well as of the nature and legal effect of a floating charge — what has been described in this prospectus as a...of such securities. Lastly, the contention of the petitioners completely overlooks the basic principles underlying the commercial law concept of debentures secured by a floating charge as evolved in...visualise the creation of a residual or floating charge on all or any of the movable or immovable assets and properties of RPL at Hazira and/or at any other location. These further postulate future...

...allowable in determining the assessable income under the Agrl. Income Tax Act. 2. Whether in the circumstances of the case, the floating charge on the estates in Kerala will come under..."mortgage or other capital charge" in S.5(f) of the Agrl. Income Tax Act. 3. Whether the floating charge on the estate in Kerala can be a charge on the said...paid on the debenture on account of the floating charge on its Kerala properties. The Income Tax Officer disallowed these claims, as well as other deductions which the assessee claimed. The assessee...

...leaves the company free to collect them and use the proceeds in the ordinary course of its business is a fixed charge or a floating charge.The company which granted the charge in question..., however, it was a floating charge at the time it was created then, by the combined effect of the Seventh Schedule to the Companies Act 1993 and section 30 of the Receiverships Act..., the charge is expressed to be a floating charge as regards other assets of the company. The debenture prohibits the company from disposing of its uncollected book debts, but permits it to deal freely...

...creation of floating charge after the order dated 21 November, 2016. Mr. Saha submits that creation of additional security mentioned at page 26 of the order refers to this floating charge and no additional...November, 2016. A creation of floating charge or any charge after the order dated 21 November, 2016 and the Deed of Corporate Guarantee dated 14 June, 2017 to secure a borrowing of INR 70 crores is a clear...the contemnors even if it is accepted that such restructuring was of an existing loan. On such consideration I have held the contemonrs guilty of contempt for creation of floating charge and the Deed...

...properties were directed to be sold free from encumbrance on the understanding that the appellant shall be paid first out of the sale proceeds, the floating charge under the debentures held by the...holders of debentures under any floating charge created by the Company, and be paid accordingly out of any property comprised in or subject to that charge.22. It is thus clear that the...debts mentioned in S. 230(1) have a right of preferential payment as against the claims of the holders of debentures under any floating charge created by the Company; and that those debts can be paid...

...hypothecated to United Bank of India and Andhra Bank. Pursuant to the authorities given by the Board of Directors Shri G.P Goenka executed documents with Canara Bank creating a floating charge of stocks and...those stocks by the debtor, without the consent of the Bank would be an offence, it would not be so in the case of ‘hypothecation’. In a case of hypothecation, there is only a floating charge on various...kept in trust by the pledgee. In the instant case, a floating charge was made on the goods by way of security to cover up credit facility. In our view, in such case for disposing of the goods covering...

...Companies Act in the Court of the District Judge of Ahmedabad, asking for a declaration that the floating charge given to the Bank of Baroda by the Company, on June 13, 1924, was invalid as...only question in issue was whether Exhibit 77/5 created a floating charge. The District Judge answered this question in the affirmative and declared the charge to be invalid, ordering the Bank to bear...before the Board and discussed. Resolved that a floating charge on the liquid assets of the Company be given to them and that two of the Directors sign the Bank papers.”Obviously we are...

...mortgagor firm was at best a floating charge, and as that charge was no crystallised until the institution of the suit by the mortgagee Bank, the prior attachment effected at the instance of the...a floating charge or not. Mr. Dutt submitted on behalf of the respondent Bank that there was no floating charge, but it was a fixed, charge covering all the article of business of the shop. Mr. Dutt...possession was left with the borrower, is a floating charge in the true sense of the term.11. The next and the most vital point for our consideration is what would be the legal position at...

...October 1990 about which there has been much discussion. The floating charge is a standard-form printed document suitable for execution by an individual surety providing a secured guarantee of a company's..." obligation, as did Mr Benichou as guarantor; and Mr Benichou created in favour of the Bank "a floating charge of all his undertaking, goodwill, movable and immovable properties as well as on all or any...(c) a floating charge on your other personal assets in Mauritius for a total amount of R15M.[2] It is hereby agreed that the above guarantees will be terminated...

...applicant relies on Sec. 124(4)(f) of the Companies Act, 1956 and argues that so long as the charge is floating, and has not become settled and fastened on the subject matter of...the charge, the company may in the ordinary course of its business sell, let, mortgage, pledge and otherwise deal with its assets as if the floating charge had not been created. Learned Counsel for the...reads thus:“94. It therefore, follows that: —i) A debenture is usually secured by floating charge only.ii) A company which creates floating charges has...

..., £ 2,03,934 and £2,62,811, respectively.6. The company had issued debentures which were secured by a floating charge on the general assets of the company. The assets of the company...charge on the assets of the company. No particular portion of the assets were specially charged. The meaning of a floating charge is explained in Halsbury's Laws of England, 3rd Edn., Vol. 6, p. 472..., para 914, thus:“The terms ‘floating security’ and ‘floating charge’ mean a security or charge which is not to be put into immediate operation, but is to float so...

...interest, and on 4th May executed and delivered to the Imperial Bank a debenture creating a floating charge on the whole undertaking, properties, assets and interests present and future of the...respondent bank as security for the loan. On 1st August 1923, a similar debenture was executed and delivered to the Imperial Bank, creating a similar floating charge as security for a further loan of ten...the Imperial Bank. Counsel desired to address to the Board arguments to the effect that the Registration Act did not apply to a floating charge for various reasons, as, for example, that it was...