to know about law
ravi
(Querist) 23 October 2008
This query is : Resolved
difference between section 53 of transfer of property act and provincial insolvency act
Guest
(Expert) 23 October 2008
Which section of Insolvency Act
K.C.Suresh
(Expert) 24 October 2008
querry must be specific. Dear Ravi you may Pl clarify
ravi
(Querist) 24 October 2008
when a person fails to file a petition under section 9 or 53 and 54 of provincial insolvency act, can he be permitted to file a suit under section 53 of the transfer of property act, if so, what is the difference between them, and also let me know the rulings of any Hon'ble High Courts or Supreme Courts in this aspect.
ravi
(Querist) 24 October 2008
when a debtor alienated his property with an intentin to avoid repayment to his creditors
ravi
(Querist) 24 October 2008
when a debtor alienated his property with an intention to avoid repayment to his creditors, the creditor fails to file a petition under section 9 or 53 and 54 of provincial insolvency act to set aside the said alienation within the period provided by the said act, can he be permitted to file a suit under section 53 of the transfer of property act, if so, under what circumstances, what is the difference between them, and also let me know the rulings of any Hon'ble High Courts or Supreme Court in this aspect.
KamalNayanSaxena
(Expert) 24 October 2008
Where there is a great deal of pressure from creditors and the property is sold in order to pay the creditors out of the sale proceeds obtained and the proceeds of the sale are earmarked for the payment of particular debts for which pressure is the greatest and if creditors who are not so provided are delayed it would merely be a case of fraudulent preference which could be impugned only under the law relating to insolvency and not as a fraud on creditors for which S. 53 of TP Act makes provision.
ravi
(Querist) 25 October 2008
please kindly let me know any citations in this respect of any High Courts or Supreme Court. if not may I be permitted to submit citations which are in my knowledge to know the correctness of the same.
G. ARAVINTHAN
(Expert) 13 November 2008
Sec 53A - Part Performance - Payment of part of the consideration at the time of Transfer. It might be an advance
In Insolvency Act - The consideration is partly paid based of the credit and liability of the Insolvent . It might be a last and final payment
KamalNayanSaxena
(Expert) 01 December 2008
AIR 1963 SUPREME COURT 1150 "C. Abdul Shukoor Saheb v. Arji Papa Rao"
J K Agrawal
(Expert) 14 December 2008
The provisions of insolvency act supersedes the provisions of TP act. As such if a person fails to take an action under insolvency act he can not take recourse of TP Act.
The provisions to T P act is to prevent actually from BENAMI transactions. Now Benami transactions are prohibited by a separate Act Benami Transactions Prohibition Act so the provision of S 53 is no more useful. In 1882 when the Act was enacted, this provision was very important.
