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Companies Act, 1956 Section 535

Title: Disclaimer of Onerous Property in Case of a Company Which is Being Wound Up

State: Central

Year: 1956

.....or assignment for the purpose: Provided that, where the property disclaimed is of a lease-hold nature the1[Tribunal] shall not make a vesting order in favour of any person claiming under the company, whether as under-lessee or as mortgage or holder of a charge by way of demise, except upon the terms of making that person-- (a) subject to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property at the commencement of the winding up; or (b) if the1[Tribunal] thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date; and in either event (if the case so requires) as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the properly, and, if there is no person claiming under the company who is willing to accept an order upon such terms, the1[Tribunal] shall have power to vest the estate and interest of the company in the property in any person liable, either personally or in a.....

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Transfer of Property Act, 1882 Section 127

Title: Onerous Gifts

State: Central

Year: 1882

.....one of them and refuse the others, although the former may be beneficial and the latter onerous. Onerous gift to disqualified person. A donee not competent to contract and accepting property burdened by any obligation is not bound by his acceptance. But if, after becoming competent to contract and being aware of the obligation, he retains the property given, he becomes so bound. Illustrations (a) A has shares in X, a prosperous Joint stock company, and also shares in Y, a joint stock company in difficulties. Heavy calls are expected in respect of the shares in Y. A gives B all his shares in joint stock companies. B refuses to accept the shares in Y. He cannot take the shares in X. (b) A, having a lease for a term of years of a house at a rent which he and his representatives are bound to pay during the term, and which is more than the house can be let for, gives to B the lease, and also, as a separate and independent transaction, a sum of money. B refuses to accept the lease. He does not by this refusal forfeit the money.

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Presidency-towns Insolvency Act, 1909 Section 62

Title: Disclaimer of Onerous Property

State: Central

Year: 1909

.....of any other property that is unsaleable, or not readily saleable, by reason of its binding the possessor thereof to the performance of any onerous act or to the payment of any sum of money, the official assignee may, notwithstanding that he may have endeavoured to sell or have taken possession of the property, or exercised any act of ownership in relation thereto, but subject always to the provisions hereinafter contained in that behalf, by writing signed by him, at any time within twelve months after the insolvent has been adjudged insolvent, disclaim the property: Provided that, where any such property has not come to the knowledge of the official assignee within one month after such adjudication as aforesaid, he may disclaim the property at any time within twelve months after he has first become aware thereof. (2) The disclaimer shall operate to determine, as from the date thereof, the rights, interest and liabilities of the insolvent and his property in or in respect of the property disclaimed, and shall also discharge the official assignee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shall not,.....

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Companies Act, 2013, Section 333

Title: Disclaimer of Onerous Property

State: Central

Year: 2013

.....or assignment for the purpose: Provided that where the property disclaimed is of a leasehold nature, the Tribunal shall not make a vesting order in favour of any person claiming under the company, whether as under-lessee or as mortgagee or holder of a charge by way of demise, except upon the terms of making that person-- (a) subject to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property at the commencement of the winding up; or (b) if the Tribunal thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date, and in either event as if the lease had comprised only the property comprised in the vesting order, and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in, and security upon the property, and, if there is no person claiming under the company who is willing to accept an order upon such terms, the Tribunal shall have power to vest the estate and interest of the company in the property in any person liable, either personally or in a representative character,.....

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Indian Succession Act, 1925 Chapter 9

Title: Of Onerous Bequests

State: Central

Year: 1925

Where a bequest imposes an obligation on the legatee, he can take nothing by it unless he accepts it fully. Illustration A, having shares in (X), a prosperous joint stock company and also shares in (Y), a joint stock company in difficulties, in respect of which shares heavy calls are expected to be made, bequeaths to B all his shares in joint stock companies; B refuses to accept the shares in (Y). He forfeits the shares in (X). Section 123 - One of two separate and independent bequests to same person may be accepted, and other refused Where a will contains two separate and independent bequests to the same person, the legatee is at liberty to accept one of them and refuse the other, although the former may be beneficial and the latter onerous. Illustration A, having a lease for a term of years of a house at a rent which he and his representatives are bound to pay during the term, and which is higher than the house can be let for, bequeaths to B the lease and a sum of money. B refuses to accept the lease. He will not by this refusal forfeit the money.

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Companies Act, 1956 Part 7

Title: Winding Up

State: Central

Year: 1956

.....given as the1[Tribunal] thinks reasonable. _____________________ 1. Substituted Act 11 of 2003, Section 54, for "Court". 2. Substituted by Act 11 of 2003, Section 54. 3. Substituted by Act 65 of 1960, Section 162, for "clauses (b), (c) and (e)" (w.e.f. 28-12-1960). 4. Substituted by Act 11 of 2003, Section 54, for "and (f)". 5. Substituted by Act 65 of 1960, Section 162, for "an inspector" (w.e.f. 28-12-1960). Section 439A - Statement of affairs to be filed on winding up of a company 1[ 439A. Statement of affairs to be filed on winding up of a company ( 1 ) Every company shall file with the Tribunal a statement of its affairs alongwith the petition for winding up. ( 2 ) Where a company oppose a petition for its winding up, it sh all file with the Tribunal a statement of its affairs. ( 3 ) The statement of affairs referred to in sub-section ( 1 ) or sub-section ( 2 ) shall be accompanied by-- (a) the last known addresses of all directors and company, secretary of such company; (b) the details of location of assets of the company and their value; (c) the details of all debtors and creditors with their complete addresses; (d) the details of workmen.....

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Companies Act, 1956 Chapter 5

Title: Provisions Applicable to Every Mode of Winding Up

State: Central

Year: 1956

.....that period; (b) the expression "accrued holiday remuneration" includes, in relation to any person, all sums which, by virtue either of his contract of employment or of any enactment (including any order made or direction given under any enactment), are payable on account of the remuneration which would, in the ordinary course, have become payable to him in respect of a period of holiday, had his employment with the company continued until he became entitled to be allowed the holiday; 5[***] 6[(bb) the expression "employees" does not include a workman; and] (c) the expression "the relevant date" means- (i) in the case of a company ordered to be wound up compulsorily, the date of the appointment (or first appointment) of a provisional liquidator, or if no such appointment was made, the date of the winding up order, unless in either case the company had commenced to be wound up voluntarily before that date; and (ii) in any case where sub-clause (i) does not apply, the date of the passing of the resolution for the voluntary winding up of the company. (9) This section shall not apply in the case of a winding up where the date referred to in sub-section (5) of section.....

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Transfer of Property Act, 1882 Chapter VII

Title: Of Gifts

State: Central

Year: 1882

.....independent transaction, a sum of money. B refuses to accept the lease. He does not by this refusal forfeit the money. Section 128 - Universal donee Subject to the provisions of section 127, where a gift consists of the donor's whole property, the donee is personally liable for all the debts due by 1 [and liabilities of] the donor at the time of the gift to the extent of the property comprised therein. _____________________ 1. Inserted by Act 20 of 1929, Section 60. Section 129 - Saving of donations mortis causa and Muhammadan law Nothing in this Chapter relates togifts of moveable property made in contemplation of death, or shall be deemed toaffect any rule of Muhammadan law 1 [* * *]. _____________________ 1. The words and figures "or, save asprovided by section 123, any rule of Hindu or Buddhist law "omitted by Act20 of 1929, Section 61.

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Presidency-towns Insolvency Act, 1909 Part III

Title: Administration of Property

State: Central

Year: 1909

.....of the act of insolvency on which an order of adjudication is made against him, or (b) if the insolvent is proved to have committed more acts of insolvency than one, the time of the first of the acts of insolvency proved to have been committed by the insolvent within three months next preceding the date of the presentation of the insolvency petition: Provided that no insolvency petition or order of adjudication shall be rendered invalid by reason of any act of insolvency committed anterior to the debt of the petitioning creditor. Section 52 - Description of insolvents property divisible amongst creditors (1) The property of the insolvent divisible amongst his creditors, and in this Act referred to as the property of the insolvent, shall not comprise the following particulars, namely: (a) property held by the insolvent on trust for any other a person; (b) the tools (if any) of his trade and the necessary wearing apparel, bedding, cooking vessel, and furniture of himself, his wife and children, to a value, inclusive of tools and apparel and other necessaries as aforesaid, not exceeding three hundred rupees in the whole. (2) Subject as aforesaid, the property.....

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Indian Succession Act, 1925 Part 6

Title: Testamentary Succession

State: Central

Year: 1925

.....of ministers of religion; for the formation or support of a public garden; All these bequests are void. _____________________ 1. Added by Act 51 of 1991, section 6. INDIAN SUCCESSION ACT, 1925Chapter 8 - OF THE VESTING OF LEGACIES Section 119 - Date of vesting of legacy when payment or possession postponed Where by the terms of a bequest the legatee is not entitled to immediate possession of the thing bequeathed, a right to receive it at the proper time shall, unless a contrary intention appears by the will, become vested in the legatee on the testator's death, and shall pass to the legatee's representatives if he dies before that time and without having received the legacy, and in such cases the legacy is from the testator's death said to be vested in interest. Explanation.An intention that a legacy to any person shall not become vested in interest in him is not to be inferred merely from a provision whereby the payment or possession of the thing bequeathed is postponed, or whereby a prior interest therein is bequeathed to some other person, or whereby the income arising from the fund bequeathed is directed to be accumulated until the time of payment arrives,.....

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