INDIAN BANK vs THE OFFICIAL LIQUIDATOR, CHEMMEENS EXPORTS (P) LTD. & ORS.

The Supreme Court upheld the Kerala High Court's decision that the preliminary decree passed in favor of the Indian Bank was void due to non-registration of the charge under Section 125 of the Companies Act, 1956. The Court clarified that the Official Liquidator could raise this plea on behalf of the creditors, and the decree did not operate as res judicata. The Court affirmed that the charge created by the company in favor of the bank was unenforceable against the company's assets, thereby protecting the interests of the creditors.