If a co. XYZ ltd. issued fully secured debentures of Rs. 100 crores by creating fixed charge on property of same amount. At redemption on the failure of co. property is auctioned by debenture trustee for Rs. 50 crores (value at that time ).
Here what will be the circumstances?
If the remaining amount will stand forfeited
or
became unsecured loans of Rs. 50 crores
or
it will become floating charge of remaining amount on the company?
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