Court : Kerala
Reported in : 2008(1)KLJ389
..... for accounts of a dissolved firm, or any right or power to realise the property of a dissolved firm, or(b) the powers of an official assignee, receiver or court under the presidency-towns insolvency act, 1909, or the provincial insolvency act, 1920, to realise the property of an insolvent partner. ..... in the second schedule to the provincial small cause courts act, 1887, or to any proceeding in execution or other proceeding incidental to or arising from any such suit or claim.4. ..... in the territories to which this act extends, or whose places of business in the said territories, are situated in areas to which, by notification under section 56, this chapter does not apply, or(b) to any suit or claim of set-off not exceeding one hundred rupees in value which, in the presidency-towns, is not of a kind specified in section 19 of the presidency small cause courts act, 1882, or outside the presidency-towns, is not of a kind specified ..... effect of non-registration:- (1) no suit to enforce a right arising from a contract or conferred by this act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged to be or to have been a partner in the firm against .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(2)BomCR397
..... the learned counsel for the applicants, grant of interest was governed by rule 23 of the schedule ii to the presidency town insolvency act, 1909, which reads as follows:interest. ..... - (1) on any debt or sum certain wherein interest is not reserved or agreed, or, and which is overdue when the debtor is adjudged an insolvent and which is provable under this act, the creditor may prove for interest at a rate not exceeding six per centum per anima-(a) if the debt or sum is payable by virtue of a written instrument at a certain time, from the time when such debt ..... the hearing before the official assignee, the advocate for the erstwhile insolvents left it to the official assignee to do the needful in the ..... by this notice of motion, the applicants against whom the insolvency was annulled have applied for reduction in the rate of interest determined by the official assignee while holding that the claimant has proved ..... what the highest rate of interest ought to be the official assignee has not committed any error of law in relying on the rate prescribed by section 80 of the negotiable instruments act since the claim arises out of a dishonour of cheques.in the result, the notice of motion is, dismissed. ..... (2) where a debt which has been proved in insolvency includes interest or any pecuniary consideration in lieu of interest, the interest or consideration shall, for the purposes of dividend, be calculated at a rate not exceeding six per centum per annum without prejudice to the right of a creditor .....
Tag this Judgment!Court : Mumbai
Reported in : [2001]106CompCas587(Bom)
..... of 2000, for having the appellant adjudicated as an insolvent under the provisions of the presidency towns insolvency act, 1909. 7. ..... he made a further order therein, that the aforementioned amount shall be deemed to be arrears of land revenue within the meaning of the maharashtra land revenue act, 1966, and shall be recoverable from the debtors by following the procedure for recovering land revenue, but that the amount shall first be recovered from the borrower and, in case it was not possible to ..... debtor) as it was declared a sick undertaking, though a corollary is drawn from it, that the insolvency petition based on the said certificate against the appellant-guarantor was not tenable. ..... this stage, for some inexplicable reason, the appellant did not contest the insolvency petition and the insolvency petition came to be made absolute by the order of paikar j. ..... division bench opined that it was difficult to consider the issuance of an insolvency notice as 'proceeding further' with the original suit. ..... bench of this court, in this case, wassquarely concerned with a situation of an insolvency notice issued to such a guarantor company. ..... it is not disputed before us that the insolvency petition was made absolute because there was no opposition to it on that day when it was taken up for ..... -debtor singhal swaroop ispat ltd; filed an application under section, 15 of the sick industrial companies (special provisions) act, 1985, (sica) sometime in december, 1997, for being declared as a sick unit. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1983Mad148; (1983)1MLJ116
..... 39 of the presidency towns insolvency act 1909.4. ..... as regards the lease-cum-sale agreement with the tamil nadu housing board, the insolvent's son was prepared to pay the official assignee a sum of rs. ..... in the instant case, he will have to remain an undischarged insolvent almost for his lifetime if this condition were to be imposed as a general rule, for it would take 161 months to make up rs. ..... section 39 states that the court has no discretion but to reject discharge if the insolvent has committed any offence under the act or under ss. ..... therefore i am not prepared to accept the objection that the insolvent had not maintained proper accounts.9. ..... as regards the non-maintenance of proper accounts, the creditors had the opportunity of cross-examining the insolvent in the course of his public examination. ..... the grounds of objection are (1) the insolvent has not provided even the statutory minimum of 0.25 ps. ..... there is no evidence that the insolvent is having a large stock of typewriters and hence this objection also cannot be entertained.10. ..... it is admitted that account books were produced by the insolvent before the official assignee. ..... it is also complained that the insolvent has under his employment several others. ..... it cannot therefore be contended that the insolvent is dealing actually in typewriter machines. ..... this naturally necessitated the insolvement to either purchase the machines on credit or on borrowing and then discharge the liabilities after the sale of the machines. .....
Tag this Judgment!Court : Mumbai
Reported in : 2010(112)BomLR2216
..... 1977 bom 305 where this court was dealing with issuance of insolvency notice under the presidency town insolvency act, 1909. ..... court observed in the context of the drastic provisions of the said act of 1909 that to sustain an insolvency notice, it must arise out of an enforceable decree. ..... in the context of validity of insolvency notice under section 9 of the said act of 1909, this court has examined the ..... this stage it must be observed that provisions of the said act of 1909 have drastic consequences which may have result of a civil death of an insolvent. ..... though in the points formulated by the advocate for the petitioner there is a contention raised as regards effect of the opting for the remedy under section 13(1-a)(ii) of the said act, the learned counsel has not canvassed the said submission in view of pendency of family court appeal in this court against the decree of dismissal of the said petition filed by the ..... to be done may be done so far as practicable by the decree-holder or some other person appointed by the court, at the cost of the judgment-debtor, and upon the act being done the expenses incurred may be ascertained in such manner as the court may direct and may be recovered as if they were included in the decree.sub-rule 1 of rule 32 of order xxi of said code provides that ..... he submitted that after the petitioner had filed the petition under section 13(1-a)(ii) of the said act on the basis of the decree for restitution of conjugal rights, the said decree ceases to be .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(3)BomCR869; 2009(2)MhLj905
..... 17 of the presidency towns insolvency act, 1909 ('the said act' for short) ..... or receiver neglects or refuses to continue the suit and to give such security within the time so ordered, the defendant may apply for the dismissal of the suit on the ground of the plaintiffs insolvency, and the court may make an order dismissing the suit and awarding to the defendant the costs which he has incurred in defending the same to be proved as a debt against the plaintiffs estate. ..... shall vest in the official assignee and shall become divisible among his creditors, and thereafter, except as directed by this act, no creditor to whom the insolvent is indebted in respect of any debt provable in insolvency shall, during the pendency of the insolvency proceedings, have any remedy against the property of the insolvent in respect of the debt or shall commence any suit or other legal proceeding except with the leave of the court ..... provisions of this act, the official assignee shall, with all convenient speed, realize the property of the insolvent, and for that ..... money claim against the insolvent and does not fall within the powers given by section 68 of the said act to the official ..... of the said act does not provide for taking over of the proceedings initiated by the insolvent, by the ..... said act and speaking for the bench observed as under:by section 68(1)(d) of the act the official assignee has power to institute, defend or continue any suit or legal proceeding relating to the property of the insolvent .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2010SC868; 2010(1)BomCR255; 2009(111)BomLR4483; JT2009(13)SC106; (2010)ILLJ644SC; (2009)8MLJ758(SC); 2009(13)SCALE280; (2009)10SCC123; 2009(10)LC4574(SC)
..... charges payable by him to the appropriate government under any provision of this act or under any of the conditions specified under section 17, shall, where the liability therefore has accrued before the order of adjudication or winding up is made, be deemed to be included among the debts which under section 49 of the presidency-towns insolvency act, 1909 (3 of 1909), or under section 61 of the provincial insolvency act, 1920 (5 of 1920) or under section 530 of the companies act, 1956 (1 of 1956) are to be paid in priority to all ..... other debts in the distribution of the property of the insolvent or the assets of the company being wound up, as the case may be. ..... to the fund or, as the case may be, the insurance fund, damages recoverable under section 14b, accumulations required to be transferred under section 15(2) or any charges payable by him under any other provision of the act or the scheme or the insurance scheme shall be paid in priority to all other debts in the distribution of the property of the insolvent or the assets of the company being wound up, as the case may be. .....
Tag this Judgment!Court : Gujarat
Reported in : [2006]131CompCas652(Guj); [2005(107)FLR951]; (2005)3GLR2019; [2006]68SCL311(Guj)
..... shall be deemed to be included among the debts which under section 49 of the presidency-towns insolvency act, 1909 (3 of 1909), or under section 61 of the provincial insolvency act, 1920 (5 of 1920), or under any law relating to insolvency in force in the territories which, immediately before the 1st november, 1956, were comprised in a part b state, or under section 530 of the companies act, 1956 (1 of 1956) are, in the distribution of the property of the insolvent or in the distribution of the assets of a company being wound up, to be ..... paid in priority to all other debts, the amount due in respect of any contribution or any other amount payable under this act ..... the liability wherefore accrued before the date of the order of adjudication of the insolvent or the date of the winding-up, as the .....
Tag this Judgment!Court : Kolkata
Reported in : (2007)3CALLT620(HC),2008(1)CHN74,[2008(116)FLR751],(2008)IILLJ110Cal
..... of the property of the insolvent or the assets of the company being wound up, as the case may be.explanation. ..... charges payable by him to the appropriate government under any provision of this act or under any of the conditions specified under section 17,shall, where the liability therefor has accrued before the order of adjudication or winding up is made, be deemed to be included among the debts which under section 49 of the presidency-towns insolvency act, 1909 (3 of 1909), or under section 61 of the provincial insolvency act, 1920 (5 of 1920), or under section 530 of the companies act, 1956 (1 of 1956) are to be paid in priority to all other debts in the distribution .....
Tag this Judgment!Court : Mumbai
Reported in : 2009(111)BomLR1637
..... jain submitted that in view of the attachment order passed in the execution proceedings taken out by the petitioning creditors the petitioning creditors are deemed to be secured creditors within the meaning of that expression in section 12 of the presidency towns insolvency act, 1909 which reads as under:12. ..... shall dismiss the petition(a) if it is not satisfied with the proof of the facts referred to in sub-section (2); or(b) if the debtor appears and satisfies the court that he is able to pay his debts, or that he has not committed an act of insolvency or that for other sufficient cause no order ought to be made. ..... an order dismissing the petition is not warranted even assuming that the petitioning creditors had failed to mention in the insolvency notice the facts regarding the execution proceedings. ..... (2) if the petitioning creditor is a secured creditor, he shall in his petition either state that he is willing to relinquish his security for the benefit of the creditors in the event of the debtor being adjudged insolvent or give an estimate of the value of the security. ..... on 19.4.2008 the petitioning creditor took out insolvency notice n/22 and served the same upon the debtors. ..... the petitioning creditor seeks an order of adjudication of insolvency against debtor no 1 in the first petition and against debtor no. ..... 2 took out a notice of motion for setting aside the insolvency notice being notice of motion no. .....
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