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Home Bare Acts Phrase: onerousCompanies 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.....
View Complete Act List Judgments citing this sectionTransfer 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.
View Complete Act List Judgments citing this sectionPresidency-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,.....
View Complete Act List Judgments citing this sectionCompanies 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,.....
View Complete Act List Judgments citing this sectionIndian 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.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Part 7
Title: Winding Up
State: Central
Year: 1956
.....pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; (b) if execution or other process issued on a decree or order of2[any court or Tr i bunal] in favour of a creditor of the company is returned unsatisfied in whole or in part; or (c) if it is proved to the satisfaction of the3[Tribunal] that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the3[Tribunal] shall take into account the contingent and prospective liabilities of the company. (2) The demand referred to in clause (a) of sub-section (1) shall be deemed to have been duly given under the hand of the creditor if it is signed by any agent or legal adviser duly authorised on his behalf, or in the case of a firm, if it is signed by any such agent or legal adviser or by any member of the firm. _____________________ 1. Substituted by Act 11 of 2003, Section 52, for "five hundred rupees". 2. Substituted by Act 11 of 2003, Section 52, for "any Court" . 3. Substituted by Act 11 of 2003, Section 52, for "Court". Section 435 to 438 - *** .....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Chapter 5
Title: Provisions Applicable to Every Mode of Winding Up
State: Central
Year: 1956
.....amount as the1[Tribunal] may, on the application of the liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the1[Tribunal], he shall - (a) pay interest on the amount so retained in excess, at the rate of twelve per cent, per annum and also pay such penalty as may be determined by the Registrar; (b) be liable to pay any expenses occasioned by reason of his default; and (c) also be liable to have all or such part of his remuneration as the1[Tribunal] may think just disallowed, and to be removed from his office by the1[Tribunal]. _____________________ 1. Substituted by Act 11 of 2003, Section 108, for "Court". Section 554 - Liquidator not to pay moneys into private banking account Neither the Official Liquidator nor any other liquidator of a company shall pay any moneys received by him in his capacity as such into any private banking account. Section 555 - Unpaid dividends and undistributed assets to be paid into the Companies Liquidation Account 1 [(1) Where any company is being wound up, if the liquidator has in his hands or under his control any money representing - (a) dividends payable to any creditor.....
View Complete Act List Judgments citing this sectionTransfer 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.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Part III
Title: Administration of Property
State: Central
Year: 1909
.....prescribed to the persons whose claims to be creditors have been notified to him but not proved that, if they do not prove their claims, to the satisfaction of the Court, within the time limited by the notice, he will proceed to make a final dividend without regard to their claims. (2) After the expiration of the time so limited, or, if the Court on application by any such claimant grants him further time for establishing his claim, then on the expiration of that further time, the property of the insolvent shall be divided among the creditors who have proved their debts, without regard to the claims of any other persons. {S.74 has been amended in its application to Bombay and Madras by the Presidency-towns Insolvency (Bombay Amendment) Act, 1933 (Bom.20 of 1933), s.2, and the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 1943), s.6 } Section 74 - No suit for dividend No suit for a dividend shall lie against the official assignee, but, where the official assignee refuses to pay any dividend, the Court may, on the application of the creditor who is aggrieved by such refusal, order him to pay it, and also to pay out of his own money interest thereon at such.....
View Complete Act List Judgments citing this sectionIndian Succession Act, 1925 Part 6
Title: Testamentary Succession
State: Central
Year: 1925
.....of determining questions as to what person or what property is denoted by any words used in a Will, a Court shall inquire into every material fact relating to the persons who claim to be interested under such Will, the property which is claimed as the subject of disposition, the circumstances of the testator and of his family, and into every fact a knowledge of which may conduct to the right application of the words which the testator has used. Illustrations (i) A, by his Will, bequeaths 1,000 rupees to his eldest son or to his youngest grand-child, or to his cousin, Mary; a Court may make inquiry in order to ascertain to what person the description in the Will applies. (ii) A, by his Will, leaves to B "my estate called Black Acre." It may be necessary to take evidence in order to ascertain what is the subject-matter of the bequest; that is to say, what estate of the testator's is called Black Acre. (iii) A, by his Will, leaves to B "the estate which I purchased of C". It may be necessary to take evidence in order to ascertain what estate the testator purchased of C. Section 76 - Misnomer or misdescription of object (1) Where the words used in a Will to.....
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