Bankrupcy & Loan
Sonia Verma
(Querist) 27 December 2008
This query is : Resolved
If X had transfered his House to his Daughter (major,unmarried) about 1 month before filing for bankrupcy....can the Reciever claim that House on behalf of the Banks frm whom X had taken Loans?????
Pls reply, its Urgent...
Sonia Verma
(Querist) 27 December 2008
pls quote the relevant Act if possible
Srinivas.B.S.S.T
(Expert) 27 December 2008
Section 53 of Provincial Insolvency Act reads as follows " Any transfer of property not being a transfer made and in consideration of marriage or made in favour of a purchaser or incumbrancer in god faith and for valuable consideration shall, if the transferor is adjudged insolvent within two years after the date of transfer, be viodable as against the receiver and may be annulled by the court"
Now coming to Section 54-A which reads as follows " A Petition for the annulment under Section 54, or of any transfer, payment, obligation or judicial proceeding under Section 53, may be made by the receiver or, with the leave of the court, by any creditor who has proved his debt and who satisfies the court that the receiver has been requested and refused to make such petition.
SO the receiver has power to make a petition for annulment of the transfer and if he refuses to to do any creditor who proved his debt can file the petition after satisfaction of the court about the refusal to make such petition by the receiver. But remember this only after the transferor is adjudged as insolvent. Hope your doubt is clarified. Regards Srinivas BSST
