Court : US Supreme Court
Duparquet Huot & Moneuse Co. v. Evans - 297 U.S. 216 (1936) U.S. Supreme Court Duparquet Huot & Moneuse Co. v. Evans, 297 U.S. 216 (1936) Duparquet Huot & Moneuse Co. v. Evans No. 533 Argued January 17, 1936 Decided February 3, 1936 297 U.S. 216 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. A receivership in foreclosure suit, for the purpose of conserving the mortgaged property and collecting the rents pendente lite for the benefit of the lienholder, is not an "equity receivership," within the meaning of 77B(a)(i) of the Bankruptcy Act. P. 297 U. S. 218 . 2. An equity receivership, within the meaning of 77B, is a receivership for the purpose of conserving and reorganizing or winding up the business of the corporation. P. 297 U. S. 218 . 3. Under 3 of the Bankruptcy Act, appointment of a receiver for the debtor's property is not an act of bankruptcy if not done while the debtor is insolvent. P. 297 U. S. 224 . 78 F.2d 678 affirme...
Tag this Judgment!Court : US Supreme Court
Meyer v. Kenmore Granville Hotel Co. - 297 U.S. 160 (1936) U.S. Supreme Court Meyer v. Kenmore Granville Hotel Co., 297 U.S. 160 (1936) Meyer v. Kenmore Granville Hotel Co. Nos. 375 and 376 Argued January 16, 1936 Decided February 3, 1936 297 U.S. 160 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. An order of the District Court denying a petition which prays dismissal of a proceeding to reorganize a corporation under 77B of the Bankruptcy Act, and incidentally for the recall of an injunction restraining creditors in that proceeding, is not appealable to the Circuit Court of Appeals as of right, but only by leave of that court. Bankruptcy Act, 77B(k), 24, and 25. P. 297 U. S. 162 . 2. An order of the District Court confirming a plan of reorganization under 77B of the Bankruptcy Act is not appealable to the Circuit Court of Appeals as of right, but only by leave of that court. P. 297 U. S. 165 . 77 F.2d 1004, 78 F. 2d 1018, affirmed. ...
Tag this Judgment!Court : US Supreme Court
Lowden v. Northwestern Nat'l Bank & Trust Co. - 298 U.S. 160 (1936) U.S. Supreme Court Lowden v. Northwestern Nat'l Bank & Trust Co., 298 U.S. 160 (1936) Lowden v. Northwestern National Bank & Trust Co. No. 743 Argued April 3, 1936 Decided April 27, 1936 298 U.S. 160 CERTIFICATE FROM THE CIRCUIT COURT OF APPEALS FOR THE EIGHTH CIRCUIT Syllabus 1. The Court will not answer on certificate questions unrelated to the pending controversy, or questions unnecessarily general, or questions which admit of one answer in one set of circumstances and a different answer in another, the differentiating circumstances being imperfectly disclosed. P. 298 U. S. 162 . 2. The question whether and to what extent a bank owing money to a railway and owning some of the railway's bonds may be allowed to set them off in an action on the debt brought by trustees appointed for the railway in reorganization proceedings under 77 of the Bankruptcy Act is not a question that can be answered on certifi...
Tag this Judgment!Court : Mumbai
Reported in : AIR1937Bom423; (1937)39BOMLR675
Rangnekar, J.1. The Katni Cement and Industrial Co. Ltd., was incorporated under the Indian Companies Act, 1882, on August 13, 1912, with a nominal capital of rupees twenty lacs. The capital of the company was increased in 1919 and the present capital is rupees thirty lacs, divided into 5,000 first preference shares of Rs. 100 each, 10,000 second preference shares of Rs. 100 each, 14,376 ordinary shares of Rs. 100 each, and 1,560 deferred shares of Rs. 40 each.2. The first preference shares were issued in terms of Clause VII (') of the memorandum of association of the company and entitled the holders to a fixed cumulative preferential dividend at the rate of seven per cent, per annum on the capital for the time being paid up thereon and the right in a winding up to payment of capital in priority to the ordinary and deferred shares. The second preference shareholders were entitled to a fixed cumulative preferential dividend at the rate of seven per cent, per annum on the capital for the...
Tag this Judgment!Court : US Supreme Court
Foust v. Munson Steamship Lines - 299 U.S. 77 (1936) U.S. Supreme Court Foust v. Munson Steamship Lines, 299 U.S. 77 (1936) Foust v. Munson Steamship Lines No.19 Argued October 15, 1936 Decided November 9, 1936 299 U.S. 77 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. A claim against a steamship corporation under 33 of the Merchant Marine Act is provable and dischargeable in a proceeding to reorganize the corporation under 77B of the Bankruptcy Act. P. 299 U. S. 81 . 2. In a proceeding to reorganize a steamship corporation under 77B of the Bankruptcy Act, the District Court has jurisdiction to enjoin the prosecution of an action at law instituted against the corporation before the petition for reorganization was filed, by the administrator of a deceased seaman, seeking to recover damages, under 33 of the Merchant Marine Act, for alleged negligence of the corporation, assigned as the cause of the seaman's death. P. 299 U. S. 82 . 3. ...
Tag this Judgment!Court : US Supreme Court
Tennessee Publishing Co. v. American National Bank - 299 U.S. 18 (1936) U.S. Supreme Court Tennessee Publishing Co. v. American National Bank, 299 U.S. 18 (1936) Tennessee Publishing Co. v. American National Bank No. 48 Argued October 22, 23, 1936 Decided November 9, 1936 299 U.S. 18 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SIXTH CIRCUIT Syllabus 1. Constitutional questions should not be decided, by anticipation, upon records not necessarily presenting them. P. 299 U. S. 22 . 2. Under 77B of the Bankruptcy Act, if the plan of reorganization is neither fair nor feasible, the District Judge, upon so finding, can proceed no further with the plan, and is authorized to dismiss the petition. Id. 81 F.2d 463 affirmed. Page 299 U. S. 19 Certiorari, 298 U.S. 651, to review the affirmance of a decree of the District Court which dismissed the Publishing Company's petition for reorganization, filed under 77B of the Bankruptcy Act. MR. CHIEF JUSTICE HUGHES delivered ...
Tag this Judgment!Court : US Supreme Court
In re 620 Church Street Building Corp. - 299 U.S. 24 (1936) U.S. Supreme Court In re 620 Church Street Building Corp., 299 U.S. 24 (1936) In re 620 Church Street Building Corp. No. 271 Argued October 23, 1936 Decided November 9, 1936 299 U.S. 24 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. A judgment of the Circuit Court of Appeals declining jurisdiction of an appeal from an order of the District Court confirming a plan of reorganization under 77B of the Bankruptcy Act held reviewable by certiorari under 262 of the Judicial Code. P. 299 U. S. 26 . 2. Section 262, Jud.Code, permits the employment of the writ of certiorari in cases not covered by 240 and affords ample authority for using the writ as an auxiliary process and as a means of giving full force and effect to existing appellate authority and of furthering justice in other kindred ways. Id. 3. In reorganization proceedings under 77B of the Bankruptcy Act, only claims havin...
Tag this Judgment!Court : US Supreme Court
Kuehner v. Irving Trust Co. - 299 U.S. 445 (1937) U.S. Supreme Court Kuehner v. Irving Trust Co., 299 U.S. 445 (1937) Kuehner v. Irving Trust Co. No. 354 Argued December 15, 1936 Decided January 4, 1937 299 U.S. 445 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. Section 77B of the Bankruptcy Act provides that, in proceedings to reorganize a bankrupt corporation, the claim of a landlord for indemnity under a covenant contained in a lease which has been rejected by the trustee in bankruptcy "shall be treated as a claim ranking on a parity with debts which would be provable under 63(a) of the Act, but shall be limited to an amount not to exceed the rent, without acceleration, reserved by said lease for the three years next succeeding . . . the date of reentry of the landlord." Held: (1) The language being clear, its meaning cannot be affected by resort to the legislative history. P. 299 U. S. 449 . (2) If, upon liquidation by deduction of ...
Tag this Judgment!Court : US Supreme Court
City Bank Farmers Trust Co. v. Irving Trust Co. - 299 U.S. 433 (1937) U.S. Supreme Court City Bank Farmers Trust Co. v. Irving Trust Co., 299 U.S. 433 (1937) City Bank Farmers Trust Co. v. Irving Trust Co. No. 260 Argued December 16, 1936 Decided January 4, 1937 299 U.S. 433 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. The purpose of 77B of the Bankruptcy Act was to facilitate rehabilitation of embarrassed corporations by scaling or rearrangement of their obligations and shareholders' interests, thus avoiding a winding up, a sale of assets, and a distribution of the proceeds. P. 299 U. S. 437 . 2. A salient element in such a reorganization is the discharge of all demands of whatsoever sort, executory and contingent, presently due or to mature in the future, and, of such claims, not the least important are those for rent to accrue under a lease, or for damages or indemnity payable because of the termination of a leasehold. P. 299 U. S. 4...
Tag this Judgment!Court : US Supreme Court
Wayne United Gas Co. v. Owens-Illinois Glass Co. - 300 U.S. 131 (1937) U.S. Supreme Court Wayne United Gas Co. v. Owens-Illinois Glass Co., 300 U.S. 131 (1937) Wayne United Gas Co. v. Owens-Illinois Glass Co. No. 305 Argued January 7, 8, 1937 Decided February 1, 1937 300 U.S. 131 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE FOURTH CIRCUIT Syllabus 1. A corporation involved in foreclosure and liquidation proceedings in a state court, in which a sale of all its property had been ordered, applied to the federal court before the sale was consummated for a reorganization under 77B of the Bankruptcy Act. Creditors who had participated in the state case secured an order of the federal court dismissing the petition for reorganization, and, while the reviewability of the order was before this Court by petition for certiorari, they went forward with the proceedings in the state court and obtained a confirmed sale and Page 300 U. S. 132 conveyance of the assets to their nomin...
Tag this Judgment!