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Home Bare Acts Phrase: assigneePresidency-towns Insolvency Act, 1909 Part IV
Title: Official Assignees
State: Central
Year: 1909
.....and the Court may confirm, reverse or modify the act or decision complained of, and make such order as it thinks just. Section 87 - Control of Court (1) If any official assignee does not faithfully perform his duties and duly observe all the requirements imposed on him by any enactment, rules or otherwise, with respect to the performance of his duties, or if any complaint is made to the Court by any creditor in regard thereto, the Court shall enquire into the matter and take such action thereon as may be deemed expedient. (2) The Court may at any time require any official assignee to answer any enquiry made by it in relation to any insolvency in which he is engaged, and may examine him or any other person on oath concerning the insolvency. {In the application of the Act to Bombay, this sub-section has been repealed, see the Presidency-towns Insolvency (Bombay Amendment) Act, 1933 (Bom.20 of 1933), s.11 and Sch.I} (3) The Court may also direct an investigation to be made of the books and vouchers of the official assignee.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 77
Title: Appointment and Removal of Official Assignees of Insolvents Estate
State: Central
Year: 1909
..... (2) Every official assignee {Ins.by Act 10 of 1930, s.4} [and every deputy official assignee] shall give such security and shall be subject to such rules and shall act in such manner as may be prescribed. {This sub-section has been replaced by another in Calcutta: see s.3 (c), ibid} (3) Not withstanding anything in sub-section (1), the persons substantively or temporarily holding the office of official assignee immediately before the commencement of this Act in the Courts for the relief of Insolvent Debtors at Calcutta, Madras and Bombay respectively under the {Rep.by this Act} Indian Insolvency Act, 1848, {The words "and in the Chief Court of Lower Burma under that Act as applied by the Lower Burma Courts Act, 1900" rep.by the A.O.1937} shall, without further appointment for that purpose, become the official assignees, substantive or temporary, as the case may be, under this Act in the High Courts at Fort William, Madras and Bombay {The words "and in the Chief Court of Lower Burma" rep., ibid} respectively.{For s.77A, applicable to Bombay and Madras, see the Presidency-towns Insolvency (Bombay Amendment) act, 1933 (Bom.20 of 1933), s.3 and the Presidency-towns Insolvency.....
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 58
Title: Possession of Property by Official Assignee
State: Central
Year: 1909
.....or retaining possession of the property of the insolvent, be in the same position as if he were a receiver of the property appointed under the Code of Civil Procedure, 1908, and the Court may on his application enforce such acquisition or retention accordingly. (3) Where any part of the property of the insolvent consists of stock, shares in ships, shares, or any other property transferable in the books of any company, office or person, the official assignee may exercise the right to transfer the property to the same extent as the insolvent might have exercised it, if he had not become insolvent. (4) Where any part of the property of the insolvent consists of things in action, such things shall be deemed to have been duly transferred to the official assignee. (5) Any treasurer or other officer, or any banker, attorney or agent of an insolvent, shall pay and deliver to the official assignee all money and securities in his possession or power as such officer, banker, attorney or agent, which he is not by law entitled to retain as against the insolvent or the official assignee.If he fails so to do, he shall be guilty of a contempt of Court, and shall be punishable.....
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 64
Title: Power to Call on Official Assignee to Disclaim
State: Central
Year: 1909
The Official assignee shall not be entitled to disclaim any property in pursuance of section 62 in any case where an application of in writing has been made to the official assignee by any person interested in the property requiring him to decide whether he will disclaim, and the official assignee has for a period of twenty-eight days after the receipt of the application, or such extended period as may be allowed by the Court, declined or neglected to give notice that he disclaims the property; and in the case of a contract, if the official assignee, after such application as aforesaid, does not within the said period or extended period disclaim the contract, he shall be deemed to have adopted it.
View Complete Act List Judgments citing this sectionKarnataka Money-lenders Act, 1961 Section 31
Title: Application of Act as Respects Assignees
State: Karnataka
Year: 1961
(1) Save as hereinafter provided, where any debt due to a money-lender in respect of money lent by him whether before or after the date on which this Act comes into force, or of interest on money so lent or of the benefit of any agreement made or security taken in respect of any such debt or interest, has been assigned, the assignee shall be deemed to be the money-lender and all the provisions of this Act shall apply to such assignee as if he were the money-lender, (2) Notwithstanding anything contained in this Act or in any other law for the time being in force, where for any reason any such assignment is invalid and the debtor has made any payment of money or transfer of property on account of any loan which has been so assigned, the assignee shall in respect of such payment or transfer be deemed to be the agent of the money-lender for all the purposes of this Act.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 9
Title: Discharge of Liability of Debtor on Payment to Assignee
State: Central
Year: 2011
Where a notice of assignment of receivable is given by the assignor or the assignee, as the case may be, under section 8 the debtor on receipt of such notice, shall make payment to the assignee and payment made to such assignee in discharge of any obligation in relation to the receivables specified in the notice shall fully discharge the debtor making the payment, from corresponding liability in respect of such payment.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 10
Title: Payment Made by Debtor to Assignor to Be Held in Trust for Benefit of Assignee in Certain Cases
State: Central
Year: 2011
Where no notice of assignment of receivables is given by the assignor or under his authority by the assignee, any payment made by the debtor in respect of such receivables to the assignor shall be held in trust for the benefit of the assignee which shall be forthwith be paid over to such assignee, as the case may be, or its agent duly authorised in this behalf.
View Complete Act List Judgments citing this sectionFactoring Regulation Act, 2011, (Central) Section 13
Title: Assignor to Be Trustee of Assignee
State: Central
Year: 2011
Notwithstanding anything to the contrary contained in any other law for the time being in force, where a debtor makes any payment to an assignor which represents payment due on an assigned receivable, such payment shall be deemed to be for the benefit of the assignee, and the assignor shall be deemed to have received the amount of such payment as a trustee of the assignee and the assignor shall make payment of such amount to the assignee.
View Complete Act List Judgments citing this sectionBombay Money-lenders Act, 1946, (Maharashtra) Section 28
Title: Application of Act as Respects Assignees
State: Maharashtra
Year: 1946
(1) Save as hereinafter provided, where any debt due to a money-lender in respect of money lent by him whether before or after the date on which this Act comes into force or of interest on money so lent or of the benefit of any agreement made or security taken in respect of any such debt or interest, has been assigned, the assignee shall be deemed to be the moneylender and all the provisions of this Act shall apply to such assignee as if he were the money-lender. (2) Notwithstanding anything contained in this Act or in any other law for the time being in force, where for any reason any such assignment is invalid and the debtor has made any payment of money or transfer of property on account of any loan which has been so assigned, the assignee shall in respect of such payment or transfer be deemed to be the agent of the money-lender for all the purposes of this Act.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 68
Title: Duty and Powers of Official Assignee as to Realization
State: Central
Year: 1909
.....of his debts or for the purpose of carrying on the business; (h) refer any dispute to arbitration, and compromise all debts, claims and liabilities, on such terms as may be agreed upon; (i) divide in its existing form amongst the creditors, according to its estimated value, any property which, from its peculiar nature or other special circumstances, cannot readily or advantageously be sold. {In the application of the Act to Bombay, this sub-section has been repealed: see the Presidency-towns Insolvency (Bombay Amendment) Act, 1933 (Bom.20 of 1933), s.11 and Sch.I} (2) The official assignee shall account to the Court and pay over all monies and deal with all securities in such manner {For Madras, the words "as is laid down in this Act or" have been ins.here by the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.3} as is prescribed or as the Court directs.
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