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S.V. Kondaskar, Official Liquidator and Liquidator of the Colaba Land ...

Court : Supreme Court of India

Reported in : AIR1972SC878; [1972]42CompCas168(SC); [1972]83ITR685(SC); (1972)1SCC438; [1972]2SCR965

..... are decisions by single judges, the former by the punjab high court and the latter by the mysore high court, in seth spinning mills case (supra) it was observed 'that section 171 of the indian companies act, 1913 provides that when a winding up order has been made no suit or other legal proceeding shall be proceeded with or commenced against the company except by leave of the court and subject to such terms as the court may ..... on december 31, 1966, the income-tax officer served further notices under section 142(1) of the income-tax act upon the official liquidator calling upon him to produce accounts and documents specified at the back of the notices and to furnish any information called for by the said officer. ..... at the foot of the said notices it was stated that failure on the part of the official liquidator to comply with the terms of those notices would not only result in ex-parte assessment against the company but might also entail penalty under section 271 of the income-tax act certain negotiations followed between the official liquidator and the inspecting assistant commissioner of income-tax but they were infructuous. ..... 2 as the receiver of the trustees of the debenture holders in july 1954 was valid and binding on all parties concerned and could not be challenged as it was sought to be done by the official receiver.in this case the observations already reproduced from the judgment of the federal court in shakuntla's case (supra) were approved. .....

State of Kerala Vs. Official Liquidator, Sitaram Spinning and Weaving ...

Court : Kerala

Reported in : [1972]42CompCas628(Ker)

..... a division bench of the east punjab high court has laid down that the power under section 185 of the companies act to order delivery of property of a company to the official liquidator can only be used against the persons specified in the section and not against third parties ; and that the companies act does not give any power to the court to adjudicate upon questions of title which are in dispute between a liquidator ..... company went into liquidation ; and the official liquidator sought to recover the moneys in the possession of the trustees under section 185 of the companies act. ..... this case was not under the companies act, but the decision has been cited for the purpose of claiming that a mortgagee in possession is not a trustee in the strict sense of the term, though he holds ..... the supreme court upheld the claim and observed that the trustees were agents of the company and, hence, they were amenable to the proceeding contemplated ..... the decisions cited before us refer to section 188 of the companies act as well, we shall point out that, under this section, the court may order any contributory, purchaser or otherperson from whom money is due to the company to pay the same into the account of the official liquidator in any scheduled bank as defined in the relevant section of the reserve bank of india act instead of to the official liquidator himself. ..... to the jurisdiction of the company court to investigate and decide that question under section 185 of the companies act, 1913. .....

M.K. Ranganathan and anr. Vs. Govt. of Madras, Represented by the Secr ...

Court : Chennai

Reported in : AIR1955Mad331

..... the debenture-holders had taken possession of the security and said: in my judgment, sub-section 4(b) of section 264 (corres-i ponding to section 230(2)(b), indian companies act) only operates if at the moment of the winding up there is still floating a charge created by thecompany and it only/gives the preferential creditors a priority over the claims of the debenture holders in any property which at that ..... moreover, the scheme of the application of the company's property in the 'pari passu' satisfaction of its liabilities, envisaged in section 211 arid other sections of the act, cannot be made to work in co-ordination, unless all creditors (except such secured creditors as are ,'outside the winding up' in the sense indicated by lord wrenbury in his speech in -- 'food ..... the federal court related to the question whether the proceedings taken by the government for the realisation of income-tax due to them from the respondent-company in liquidation under section 46(1), indian income-lax act without applying to the court for sanction under section 171, indian companies act would or would not render the sale effected in the course of such realisation void under section 232 of the indian companies ..... this was an application by the official liquidator of the madras electric tramways to set aside a sale effected by a receiver, appointed by the trustees for the debenture holders of the company, of certain assets of the company of which the latter, had taken ..... indian companies act, 7 of 1913. .....

The Official Assignee of Madras Vs. N. Subramania Aiyar and ors.

Court : Chennai

Reported in : AIR1924Mad286; (1924)46MLJ1

..... to our identifying this mortgage encumbrance as the plaint mortage one it would have been necessary to allow the plaintiff to adduce evidence to prove the identity of the two as he could be allowed to do under section 19, explanation 1 of the limitation act; but apparently the point was not pressed in the lower court and therefore i agree with the learned chief justice that it is not necessary to send the case down to have the matter cleared up.11. ..... in that suit narayana iyer was one of the parties and the official assignee was also added as a party--narayana iyer was then representing the estate of narayani ammal as the executor and trustee under her will and the official assignee was representing the mortgagee's interest that passed to him by virtue of the insolvency of narayana iyer. ..... in his capacity as the representative of the mortgagor or in his own capacity as mortgagee, and it is argued that this is also one reason for refusing to accept the statement as a sufficient acknowledgment of the liability under section 19 of the limitation act, under which the acknowledgement must be made by the debtor or on behalf of the debtor by a person duly authorised to make the same. ..... the second alleged admission is contained in the written statement of february 1913, and the learned trial judge has held that that is not an admission sufficient for the purposes of section 19 of the act. .....

Official Liquidator Vs. Golcha Properties (P) Ltd.

Court : Rajasthan

Reported in : 1981WLN474

..... this is a case under the companies act, 1913 section 179 deals with the powers of the official liquidator to institute or defend proceedings with the sanction of the court and section 237(1) deals with the powers of the court to give direction for prosecution of the delinquent directors etc but ..... contended that a perusal of the sections would show that the integral schema of the act is that the official liquidator is supposed to be under the direct supervision and control of the company judge. ..... winding up order of the high court of rajasthan, jaipur shall be vacated and the authority of the official liquidator shall also cease to function except for purposes of disbursements as contemplated in clause (1) above and further upon discharge of the official liquidator as stated in clause iv above, the management of the business including the entire assets, moveable and immovable, of the company, shall be handed over to the ..... the state air 1953 nag 288, wherein it was held as underit is true that the official liquidator is not a party to the liquidation proceedings; but the official liquidator is appointed to carry on the liquidation proceedings in the interests of the general body ..... this section 179 of the companies act, 1913 deals with the case of launching a prosecution against a defaulting director and is distinguishable on facts with ..... an agent employed for the purpose of winding up of the company, in some respects he is a trustee; but he is not a trustee for each individual creditor. .....

Union Indian Sugar Mills Co. Ltd. Vs. Brij Lal Jagannath

Court : Allahabad

Reported in : AIR1927All426

..... i have already stated that where a judgment has been obtained, after a trial of issues by a court, where there has been a bona fide litigation, the trustee in bankruptcy or the official liquidator, in the case of an insolvent company, will not ordinarily go behind the judgment and try to look into the consideration for the same ..... under section 229 of the indian companies' act of 1913:in the winding up of an insolvent company the same rule shall prevail and be observed with regard to the respective rights of secured and unsecured creditors ..... the settled rule of the court of bankruptcy, on which we have always acted, that the court of bankruptcy can enquire into the consideration for a judgment debt ..... in this case an infant, before the passing of the infants' relief act of 1874, gave a bill of exchange, payable after his majority, to ..... do my duty, i ask you to furnish me with such information as will enable me to do that which i am told to do by rule 22 in the second schedule to the act, to examine every proof and grounds of the debt.19. ..... after his majority and after the act came into operation, the creditor obtained judgment by default against him in an action on the bill of exchange and then took out a debtor's summons, and, on his failing to comply with it, ..... under section 34(2) of the provincial insolvency act, all such debts are provable as accrued due before a person was adjudicated insolvent as also all such other debts to which the insolvent may become subject by reason of any .....

In Re: Travancore National and Quilon Bank Ltd. (In Liquidation)

Court : Chennai

Reported in : AIR1940Mad184

..... all moneys of the fund not immediately required for the purpose thereof shall be invested in the name of the trustees in such securities as are specified in section 282-b, indian companies act, 1913, as determined by the committee from time to time.4. ..... i say therefore that the bank having received the money wrongfully and in breach of trust is itself a trustee for the amount and the amount still continues to be trust money in its hands.2. ..... 5 of the affidavit in support of the application:i am also advised that under section 282-b(2), companies act, 1913, all moneys contributed to the provident fund shall be invested only in securities mentioned in clause (a) to (e) of section 20, trusts act, 1882. ..... on that date, as the said moneys were not invested in any securities mentioned in section 20, trusts act, the obligation of the corporation was to invest a tenth of the said moneys in that year and in every succeeding year in the authorized securities, and the balance of the moneys could be invested in any authorized bank or banks, ..... all moneys paid to the trustees or otherwise coming into their hands in connexion with the fund shall be forthwith paid into an account or accounts to be opened in the names of the trustees with a bank or banks approved by the committee.11. ..... 35 for the official liquidators, the costs to come out of the assets of the bank. ..... the official liquidator of the bank in his reply states that the bank did not receive the sum of rs. .....

B. Matha Gowder Vs. M.S. Kada Gowder

Court : Chennai

Reported in : AIR1961Mad172; [1962]32CompCas643(Mad)

..... on the 28th january 1954 the above interlocutory application was filed by the appellant purporting to be under sections 185 and 195 of the indian com-panies act, 1913 against the respondent herein for the following reliefs: namely, for a direction to the respondent to render an account of his management of the company during his period as managing director, to pay all sums that may be found ..... the respondent pleaded inter alia that the appel-land had no locus standi to file the application and that the proper person to file the application was the official liquidator, that the appellant was a bitter enemy of his and that the application had been filed out of spite and to wreak his vengeance on the respondent for having obtained a decree against him in o. s. no. ..... are material they run thus:section 185 : 'the court may at any time after making a winding up order require any contributory for the time being settled on the list of contributories and any trustee, receiver, banker, agent or officer of the company to pay, deliver, surrender or transfer forthwith, or within such time as the court directs to the official liquidator any money, property or document in his hands to which the company is prima facie entitled. ..... one thing we must say, namely, that in any misfeasance application which may be taken out by the official liquidator the appellant should be a party along with the other directors.6. .....

R.M. Nagarathna Mudaliar and ors. Vs. S.M. Chidambaram Chettiar and or ...

Court : Chennai

Reported in : AIR1928Mad860; 113Ind.Cas.129

..... varadachariar states that he does not object to the court deciding the question even under section 54, provincial insolvency act and he does not raise any question as regards the jurisdiction as he wants some finality for this litigation which has been going on for several ..... in the lower court and in appeal will be paid by the official receiver out of the estate of the insolvent in his hands. ..... find it difficult to follow this argument the result of which will be that all contracts enforceable against the insolvent at the date of his insolvency would cease to be enforceable against the official receiver in whom the properties vest by reason of the insolvency. ..... act, was unnecessary as this suit was going on; but all that, so far as we can see, the plaintiffs did in the matter was to represent to the district judge that it would be a hardship to them if the trial of this suit was stayed while the belated petition of the official receiver under section 54, ..... urged that during the course of the suit, the plaintiffs, by a manoeuvre before the district judge, got a petition which the official receiver had presented under section 54, prov. ..... ramachandra ayyar, who appears for the official receiver, seriously to contend that the principles of section 53, t. ..... 1 to 3 were adjudicated insolvents and the official receivers have been brought on the record. ..... where it was held that specific performance of an agreement can be enforced against the trustee in bankruptcy of a vendor. ..... naidu [1913] m.w.n. .....

Heisler Vs. Thomas Colliery Co.

Court : US Supreme Court

..... trial court, court of common pleas, decided against the relief prayed, distinguishing the case from those in which the act of 1913 was declared void, and adjudged and decreed that the suit be dismissed. ..... to a decree of the supreme court of pennsylvania affirming a decree of a lower court which dismissed a bill brought by heisler, as a stockholder, to enjoin the colliery company and its trustees from paying a state tax and defendant state officials from enforcing it. ..... the bill in the case, as far as we are concerned with it, assails the act of 1921 as offensive to the fourteenth amendment of the constitution of the united states in that it denies to the thomas colliery company and other owners and operators of anthracite mines the equal protection of the laws because it ..... plaintiff in error, alleging himself to be a stockholder of the thomas colliery company, brought this suit to have the act adjudged and decreed to be unconstitutional and void, and to enjoin that company and its directors from complying with the act, and to enjoin defendant in error, samuel l. ..... in 1913, the commonwealth of pennsylvania, by an act of its general assembly ..... 1921, the commonwealth passed the act here involved. [p.l. ..... concur, therefore, in the decision of the supreme court of the state sustaining the act of 1921. ..... the act was adjudged a violation of the constitution of the commonwealth, which required uniformity of ..... a state act regulating interstate commerce is invalid whatever the degree of interference. .....