Court : Kolkata
Reported in : AIR1968Cal521,72CWN35
..... the debtor's business by itself cannot be considered as an act of insolvency. where a debtor has got a genuine debt and in satisfaction of this debt transfers his property, such transfer cannot be held as a transfer with intention to defeat the claim of the other creditors. he relied upon muthiah chetti v. palaniappa chetti air 1928 pc 139 and also arvi co-operative ..... insolvency act has been taken recourse to, to put pressure on the debtor to make the payment. it is nowhere alleged that the debtor has got other properties and was trying to transfer the property mala fide to other persons nor it is stated in the petition that he has other creditors in the market it is true that the creditor has got ..... ray attention to the following observation at page 109 in mulla's 'the law of insolvency in india'. second edition:'a transfer by a debtor of all or substantially all his property in consideration of a past debt, that is, a debt already incurred, whether made absolutely or by way of a security is an act of insolvency within the meaning of this clause ..... , whatever the motive of the parties may have been, as such transfer has the effect of withdrawing all the debtor's property from the legal process which .....Tag this Judgment!
Court : Mumbai
Reported in : (1908)10BOMLR575
..... respect of which registration is required under the registration act. this is not without its significance.7. from section 100 of the transfer of property act we learn what a charge is : for, it is there provided ' where immoveable property of one person is by act of parties made security for the payment of money to another and the transaction does not amount ..... to a mortgage, the latter person is said to have a charge on the property.' the form of words used is immaterial, all we have to be satisfied of is that the documents show an intention that the person in whose favour they were executed .....Tag this Judgment!
Court : Gujarat
Reported in : 150CompCas546(Guj); 91SCL31(Guj)
..... the debtors conduct, an intent to prefer cannot be inferred in the absence of direct evidence. there is no fraudulent preference if the payment or the transfer is not voluntary. the payment of debts/transfer of property by a company under a threat of legal proceedings or under a reasonable apprehension of such proceedings does not amount to showing of preference. reliance is placed ..... to the ofcds and the cumulative deposits. he has further submitted that section 531 of the companies act, places the onus/burden on the official liquidator to establish that the transfer of property made by the company - pfsl to ms. shefali doshi and late mr. apurva doshi, within the period of six months immediately preceding the date of presentation of the winding ..... are worst then the earlier case. as rightly pointed out by the official liquidator in his affidavit that no document was executed, only under memorandum of understanding, the property was sought to be transferred. the court is, therefore, of the view that the transaction is clearly hit by the provisions of section 531 of the companies act, 1956 , and it amounts to ..... bear proper stamp duty and is not registered with the sub registrar of assurance. in this view of the matter, he has submitted that there is no transfer of any immovable property nor does it create any title. no immovable property is transferred in favour of ms. shefali doshi and mr. apurva doshi and they cannot claim any right in respect of the said .....Tag this Judgment!
Court : Mumbai
Reported in : (1933)35BOMLR799
..... bombay : and both parties being resident in indore, it is impossible to displace the decision of the appellate court that the debt was situate in indore.6. the remaining question is whether the state of indore had effectively transferred the property in the debt from shankarrao to itself before the bombay court on may 15, 1924, purported to interfere with the disposition of the ..... been unnecessary to examine the proceedings in bombay, or to have explained how the ex parte order of september 25, 1924, could lead to a suit which determined the property in the debt in the absence of the indore government; or how an order permitting a suit for a declaration as to the title of shankarrao could lead to a suit claiming ..... debt. the events which have already been narrated make it clear that before that date the indore government had taken every effective step ..... time to pay, completely attorned to the government at their direction by entering them on his books as his creditors in place of shankarrao. short of payment, which is not transfer of a debt but discharge, it is difficult to discern what more effective steps would be taken by a government to ensure the complete seizure of a .....Tag this Judgment!
Court : Chennai
Reported in : AIR1955Mad571
..... the family: air 1936 lah 558 (g); air 1933 lah 116 (h);-- 'sqmasundaram v. unnamalai', air 1920 mad 722 (o). a transfer of property for a debt incurred by the husband or by his father, or by the manager of his family for purposes binding upon the family, prevails over the claimant' ..... in view of the settled law as to how maintenance which is a personal right is not charged on the property, how right to maintenance can be defeated by a transfer of property for binding debts and how the doctrine of 'lis pendens' is not applicable to a suit of this nature.13. in ..... 'jayanti subbiah v. mangamma', 12 mad lj 270 (m); -- 'soorja kocr v. nath baksh', ii cal 102 (n).the texts which prohibit the transfer of property so as to deprive those persons whom tfie transferor is under a duty to maintain of the means of subsistence arc merely moral precepts and not legal prohibitions ..... doctrine of 'lis pendens', where the suit is to get the maintenance made a charge upon, immoveable property, any transfer) made during the pendency of the suit, not effected for the purpose of paying off any debt entitled to priority over the claim tor maintenance will be affected by 'lis pendens', created in the ..... s right to maintenance even if the transferee had notice of the claim: provided the claim had not already been made a charge on the property transferred. .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1914Bom286; (1914)16BOMLR534
..... s lifetime or draw the interest without making due provision for the donor's maintenance but he held that there was no effective transfer, having regard to section 130 of the transfer of property act, of the debt due by the bank to the deceased and that, if there was, there would be a resulting trust for the legal ..... the benefit of the legal representatives of the deceased. it has been argued further for the plaintiff that even if there was the intention to transfer the beneficial interest in this debt due by the bank to the defendant, yet a court of equity would set it aside if it was satisfied that the donor was not ..... filed she had not obtained letters of administration to the estate of the deceased. section 190 of the succession act says:' no right to any of the property of a person who has died intestate can be established in any court of justice, unless letters of administration have first been granted by a court of competent ..... of august he signed his name on the back of the receipt and gave it to the defendant with a letter addressed to the bank directing them to transfer the amount to the defendant. the defendant took these two documents to the bank but he was informed that as he had not been identified by the ..... . an order on a banker to pay money which he holds to credit of the customer is not an assignment of a debt but an authority to deliver property which if acted on is equivalent to delivery by the customer. here the letter of the 8th of august is such an order and it has .....Tag this Judgment!
Court : Allahabad
Reported in : 120Ind.Cas.557
..... hold possession of the property in lieu of her dower-debt. as in the case before their lordships of the privy council, we must hold that the ..... bibi v. vakil ahmad . in that case their lordships clearly laid down that if a muhammadan widow in possession of the estate of her husband in lieu of her dower-debt purports to transfer the property itself, as distinct from her dower-debt or her right to hold possession in lieu of it, she loses all rights to hold the possession of the ..... transfer did not confer any right or title on her transferee to continue in possession. from the time of the sale-deed her ..... balance of her dower-debt. that is to bay, they were treated as persons holding possession without any right or title and liable to be dispossessed by the real proprietor.3. in the present case the position is exactly similar. in 1905, musammat toraban purported to transfer the property itself to musammat mahmuda bibi without attempting to transfer her dower-debt or her right to .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1936All495; 163Ind.Cas.480
..... in the custody of the court or a third party like the collector, or where the receiver is appointed in order to enable him to transfer certain properties, to recover debts, or to bring suits etc. the statement of the law that sub-rule (2) applies to third parties only will be dealt with separately. but on the facts of that ..... allowed. the learned judge pointed out that the madras case was based on the views of english law, and ignored the definition of a simple mortgage as given in the transfer of property act. although it can be said that the question did not so directly arise in ram prasad v. bishambhar nath 1934 alj 561, there can be no doubt that ..... is therefore not the only possible remedy which a mortgagee can be said to have. the view that the mortgagor should not continue to appropriate the income of the mortgaged property when the mortgage debt is not satisfied and interest is not being paid utterly ignores the terms of the contract between the parties. in the case of a simple mortgage, the ..... . the very essence of a simple mortgage is to keep a clear distinction between the corpus which is the security for the debt, and the income which belongs to the mortgagor. if the income were an accession to the mortgaged property, then the entire income from the commencement of the simple mortgage must be such an accession and must belong to the .....Tag this Judgment!
Court : Chennai
Reported in : AIR1930Mad121; (1930)58MLJ68
..... in the course of such business, one p. l. n. k. subramaniam chetti owed him about rs. 50,000. subramaniam chetti failed and to discharge his debt he transferred certain properties to the petitioner for 26,000 dollars. the items transferred consisted of monies due on simple money debts, monies due on mortgage, items and also rubber plantations. as regards monies due on simple money ..... debts the petitioner recovered a smaller stum than the amount for which they were transferred and he wrote off, rs. 5,733 in the accounts and claimed that this ..... was a business loss and got a reduction of income-tax. as regards the mortgage items, while a certain portion of the mortgaged property was recovered, he was not ..... loan made by him in the course of his money-lending business. so far as the items which went to liquidate this debt are concerned, they consisted, as already stated, of some simple money debts, mortgage items and this item of property and they were all clubbed together in an account called 'thundu kanakku.' this account was part of the business account and .....Tag this Judgment!
Court : Chennai
Reported in : AIR1972Mad34; (1971)2MLJ292
..... repeatedly held that it is not improper for debtor to prefer his creditor among the many in order to discharge his debt by transfer of property. there should be something more than mere preference and the facts must establish that the preference is a fraudulent one. in mushar sahu v. lala hakimlal, ilr 43 cal ..... a correct approach to, . whether any transaction is a fraudulent preference will depend upon the facts in each case.3. where a debtor has several creditors and some property and if he transfers that property to one of the creditors without any further circumstances appearing, that may be a preference, but it cannot be said to be a fraudulent preference. it has been ..... summary order. both the courts below have concurred in finding that the sale in favour of the defendants was a fraudulent preference within the meaning of section 53 of the transfer of property act. in coming to that decision they were largely influenced by abdul majid lebbai v. papathiammal, . they understood that decision as laying down the proposition that the test of ..... benefit may be, it would be sufficient to hold the transaction to be a fraudulent preference. in the privy council case it was found that the transfer made was for adequate consideration in satisfaction of genuine debts and it was without reservation of any benefit to the debtor. it was held that no ground for impeaching it was made out, though, of .....Tag this Judgment!