Court : Supreme Court of India
Reported in : AIR2007SC168; 2006(4)ARBLR202(SC); 2007(4)BomCR447; (2006)6CompLJ425(SC); 2006(5)CTC357; JT2006(10)SC41; 2006(11)SCALE459
..... it is, therefore, proposed to amend the presidency - towns insolvency act, 1909, and the provincial insolvency act, 1920 to add a new act of insolvency, namely, that a debtor has not complied with the insolvency notice served on him by a creditor, who has obtained a decree or order against him for the payment of money, within the period specified in the notice. ..... section 9(1)(a) to (h) of the presidency towns insolvency act, 1909 set out the different acts of insolvency committed by a debtor which acts of insolvency would form the ground or basis for filing an insolvency petition against the debtor under section 12 of the ptia for having him adjudicated insolvent. ..... however, according to the appellant, no copy of the award was served on the appellant.on 16.01.2002, insolvency notice was issued under section 9(2) of the presidency town insolvency act, 1909 (ptia) on the basis of the arbitration award. ..... we are of the view that the presidency towns insolvency act, 1909 is a statute weighed down with the grave consequence of 'civil death' for a person sought to be adjudged an insolvent and therefore the act has to be construed strictly. .....
Tag this Judgment!Court : Mumbai
Reported in : 1993(1)BomCR546
..... the learned counsel for the debtors has submitted that this provision contained in section 9(3)(c) of the presidency-towns insolvency act, 1909 provides a clue and justification for his submission that no insolvency notice can be taken out by the decree holder-creditor if the decree-holder creditor already holds adequate security for payment of the debt whether such security is provided by the judgment debtor under the decree or ..... before 1 discuss the rival contentions urged by the learned counsel on both sides at the hearing of this notice of motion, it is necessary to notice the relevant provisions of the presidency-towns insolvency act, 1909 (act 3 of 1909) and the relevant rules known as the bombay insolvency rules, 1910 and summarise some of the well settled propositions of law.5. ..... it is of considerable significance that the submissions of learned counsel for debtors run counter to the very definition 'secured creditor' as set out in section 2(e) of provincial insolvency act, 1920 which definition is duly adopted for the purpose of presidency town insolvency act, 1909 as well by judicial decision of this high court as well as high court of calcutta.19. ..... 'secured creditor' includes a landlord who under any enactment for the time being in force has a charge on land for the rent of that land;'the presidency-towns insolvency act, 1909 does not provide in so many words as to who would be considered as 'a secured creditor' within meaning of the presidency-towns insolvency act, 1909. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1983Bom54; 1983MhLJ107
..... it is true that there is a difference in the language of section 7 of the presidency-towns insolvency act 1909 as compared to section 4 of the presidency-towns insolvency act , 1920. ..... the presidency-towns insolvency act is an earlier act of 1909. ..... makhija submitted that since the words 'question of title: are not expressly present in section 7 of the presidency-towns insolvency act the powers of the court under the presidency-towns insolvency act are somewhat narrower and the court cannot investigate a question of title under the presidency-towns insolvency act. ..... under section 51 of the presidency-towns insolvency act the insolvency of a debtor shall be deemed to have relation to and to commence at the time of the commission of the act the time of the commission of the act of insolvency on which an order of adjudication is made against the debtor. ..... under section 7 however, of the presidency-towns insolvency act the insolvency court has full power to decide all question of priorities and all other questions of whatsoever, whether of law of fact. ..... under section 52 of the presidency-towns insolvency act the property of the insolvent which vested in the official assignee shall comprise of such property as may belong to or be vested on the insolvent at the time of commencement of the insolvency. .....
Tag this Judgment!Court : Mumbai
Reported in : 2001(4)BomCR136; (2001)3BOMLR518
..... . now, the learned single judge in his judgment in sharad khanna's case has held that rule 52-b(5) has no legal efficacy to the extent of inconsistency with the provisions inserted in the presidency towns insolvency act, 1909, by act no ..... . in my opinion, rule 52-b(5) of the said rules has no legal efficacy to the extent of inconsistency with the provisions ' inserted in the presidency towns insolvency act, 1909 by act no ..... the notice was taken out under the provisions of the presidency towns insolvency act, 1909. ..... . it is clear that the presidency towns insolvency act, was enacted in the year 1909 by the central legislature and it came into force on 1.1.1910 ..... . according to the provisions of section 12 of the presidency towns insolvency act, a creditor is entitled to present an insolvency petition against the debtor, if the debtor has committed an act of insolvency three months before the presentation of the petition ..... . to enable the court to adjudicate him an insolvent if he does not pay the decretal amount after notice by the decree holder, by specifying a period within which it should be paid, on the lines of the amendment made to the presidency towns insolvency act ..... ? section 3 of the act lays down that the courts having jurisdiction in insolvency under the act shall be the high courts of the presidency towns including this court .....
Tag this Judgment!Court : Mumbai
Reported in : 1999(2)ALLMR316; 1999(2)BomCR719; (1999)2BOMLR428; 1999(2)MhLj263
..... reliance was placed on the provisions of section 55 of the presidency-towns insolvency act, 1909 (for short 'presidency act') to contend that if the transferor was adjudged insolvent within two years after the date of transfer, the transfer could be avoided being void against the official assignee. ..... doctor, the learned counsel appearing for the appellant, contended that, in the first place, in view of the provisions of section 7 of the presidency-towns insolvency act, 1909, the questions of title to the said flats could not have been decided by the insolvency court. ..... reliance was placed on the observations in paragraph 11 of the judgment which appear on page 462 of the report, to contend that the insolvency court cannot decide the validity of the transfers which had taken place more than two years before the date of adjudication on the ground that it has been made with a view to defeat or delay the creditors having regard to the provisions of section 53 of the provincial insolvency act or section 55 of the presidency town insolvency act. ..... it was then held that the presidency act was an earlier enactment of 1909 whereas the provincial insolvency act was a later enactment of 1920 and it was not permissible to interpret the wordings of an earlier enactment with reference to the wordings of a later enactment. .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(1)BomCR146
..... in the aforesaid ruling, a reference is also made to section 90(5) of the presidency-towns insolvency act, 1909, which empowers the court to extend time which is in the following words : -'where by this act or by rules the time for doing any act or thing is limited, the court may extend the time either before or after the expiration thereof, upon such terms, if any, as the ..... ' in the aforesaid ruling it has also been observed : 'the insolvency court has, under section 90(5) of the presidency-towns insolvency act, 1909, power in appropriate cases to extend time for compliance with insolvency notice although such power should be exercised sparingly and only in special cases, the object being always to ensure that manifest injustice has not taken place by reason of matter not in ..... 1 thereof without any dispute, the court may, under section 90{5) of the presidency towns insolvency act, 1909, extend the time to make payment beyond the stipulated date, that is, from september 2, 1998 to october 14, 1998 being the date when the payment ..... as follows :'a judgment-debtor against whom art insolvency notice has been issued can, even at the stage of insolvency notice, not only take up the defences available to him under sections 9(i) and 9(a) of the presidency-towns insolvency act, 1909 and under sub-cls. ..... contention of the judgment creditors, it is contended on behalf of the judgment debtor that he is seeking extension of time under section 90(5) of the presidency towns insolvency act, 1909. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1971Bom362; (1971)73BOMLR397; 1971MhLJ652
..... it cannot be seriously disputed that the object of the two acts, namely, the english bankruptcy act of 1914 and the presidency towns insolvency act, 1909, in india is broadly the same, that the assets of the insolvent should be realised and distributed amongst the creditors. ..... it appears to me that for the purpose of section 11(b) of the presidency towns insolvency act, 1909, a business which was admittedly carried on by the debtor, within the limits of the ordinary original civil jurisdiction of the court, would be deemed to continue to be carried on until all the trade or business liabilities have been discharged, ..... the provision in the presidency towns insolvency act, 1909, which deals with the question of restrictions on jurisdiction is section 11 and the relevant portion of that section is as follows:'the court shall not have jurisdiction to make an order of adjudication unless- (a) xxxxx (b) the debtor, within a year before the date of the presentation of the insolvency petition, has ordinarily resided or had a dwelling house or has carried on business either in person or through an agent within the limits of the ordinary original civil jurisdiction ..... palan next urged that the main purpose of the presidency towns insolvency act is the distribution of the assets of the in-solvent and that, as in the present case there were no assets belonging to the debtor or the said firm within the jurisdiction of the court, it could not be said that business .....
Tag this Judgment!Court : Mumbai
Reported in : 2000(2)BomCR580; (2000)1BOMLR760; 2000(4)MhLj217
..... 10 the learned judge was considering the issue of security and has observed as under:---'the learned counsel for the debtors has submitted that this provision contained in section 9(3)(c) of the presidency towns insolvency act, 1909 provides a clue and justification for its submission that no insolvency notice can be taken out by the decree-holder creditor if the decree-holder creditor already holds adequate security for payment of the debt whether such security is provided by the judgment ..... could not raise this by way of counter claim before the arbitrator and as such section 9(5) of the presidency towns insolvency act is attracted.3) the petitioning creditor is a secured creditor in terms of the award and the consequential decree. ..... the learned judge was considering were the provisions of the presidency towns insolvency act as amended in the state of maharashtra by amendment to section ..... the judgment creditor had suppressed and/or falsely stated some facts, namely that there was no security at the time of filing of the petition and secondly at the time of making application for issue of insolvency notice that there was no pending execution proceedings whilst in fact they were pending.the present notice of motion is filed under section 9(5) of the presidency towns insolvency act (hereinafter referred to as 'the insolvency act'). ..... creditor has moved the court by way of notice under section 9(2) of the presidency towns insolvency act which hereafter shall be referred to as 'the act'. .....
Tag this Judgment!Court : Mumbai
Reported in : [1965(11)FLR365]; (1965)IILLJ478Bom; 1965MhLJ807
..... the latter part of this sub-section provides that the official assignee appointed under the presidency-towns insolvency act, 1909, shall not be entitled to or have any claim on the amount standing to the credit of the presidency-towns insolvency act in this sub-section makes it clear that when the legislature enacted this provision, it was aware of the provisions of the presidency-towns insolvency act, under s. ..... and neither the official assignee appointed under the presidency-towns insolvency act, 1909. .. ..... the question is as to in what manner these provisions in the presidency-towns insolvency act have been affected by reason of the provisions in s. ..... 17 and 52 of the presidency-towns insolvency act which deal with the question of effect of the order of adjudication and the description of the insolvent's property divisible amongst creditors. ..... the intention of the legislature is, therefore, clear and that is this sub-section should override the provisions of the presidency-towns insolvency act. ..... 10 of the employees' provident funds act is in the following terms : 'the amount standing to the credit of any member in the fund or of any exempted employee in a provident fund shall not in any way be capable of being assigned or charged and shall not be liable to attachment under any decree or order of any court in respect of any debt or exempted employee, and neither the official assignee appointed under the provincial insolvency act, 1920, shall be entitled to or have any claim on, any .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1980Bom115
..... the court are no longer, good law in view of the express provisions of section 52(2)(b) of the presidency towns insolvency act, 1909, which refer only to the 'powers in or over or in respect of property as might have been exercised by the insolvent for his own benefit at the commencement of his insolvency..... ..... also pointed out that under section 7 read with section 85(3) of the presidency towns insolvency act, an insolvency court does not have any power to give the directions asked for in the ..... relied upon the provisions of sections 53 and 54 of the presidency towns insolvency act which are as follows:--'53. ..... is not exclusively for his benefit but is for the benefit of all the members the proper view to take would be that such power cannot vest in the receiver under section 52(2)(b) of the presidency towns 'insolvency act. ..... 52(2)(b) of thepresidency towns insolvency act, theproperty of the insolvent also includesthe capacity to exercise and to takeproceedings for exercising all suchpowers in or over or in respect of property as might have been exercised bythe insolvent for his own benefit at thecommencement of his insolvency or before his ..... the court receiver represented all the parties to the partition suit, all orders which are passed in those proceedings are binding on the official assignee also and it is not open to the insolvency court to go behind the orders passed by the court at alibag, which orders have been the subject-matters of review and or appeal in this court.13. .....
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