If the respondents were agriculturists who had agreed to sell agricultural land to the appellant- company, the transaction was, from their point of view, not a business transaction. It is difficult not to agree to this estimate of probability. Ugale as a provisional diagnosis. the fundamental rights enshrined in Art. These propositions have been repeated so many times during the past few years that they now sound almost platitudinous-.
Datar in his petition to the Chief Minister had stated that Laxmibai was a 472 frank case of tuberculosis of both lungs and an invalid(Ex. Such a transaction without any business element in the same could not constitute a business transaction leave alone business transactions within the meaning of Section 64(1)(c). The Trial Judge does not appear to have given the slightest consideration to this aspect of the matter. In the case at hand, that there was a single transaction whereunder the respondents-sellers had agreed to sell to the appellant-society a parcel of land to the society, for use by the society in terms of the objects for which it is established.
A transfer made after adjudication is not binding on the Receiver. For ought we know that transaction may have been prompted by family necessity, poverty or some such other compulsion. He then saw the appellant arriving there, and Laxmibai presumably left in a rickshaw or a tonga, because there was a stand for these vehicles in the neighbourhood. He saw her standing at the Par in front of her house with a small bag and a small bedding.
675 Jadunath himself has not said anything about the negotiations about Tilak but one Mahabir Ray has said that when he was going to the fields Gajadhar called him and there lie heard Gajadhar demanding a higher Tilak stating that he had recently purchased properties at Majhaul from Mussammat. Jadunath himself does not mention having seen this Mahabir at Gajadhar’s house. In the circumstances of the case in which a difficult question of interpretation arose for decision for the first time, we pass no order as to costs.
The result, therefore, is that the appeal succeeds and is allowed and the award of the Industrial Tribunal is set aside. The scheme of the Act in regard to transfers clearly demonstrates that transfers before the filing of the petition are good unless they are annulled in the manner prescribed in the Act and even the doctrine of relating back of the order of adjudication does not reach them as they fall on the other side of the line. Sections 53 54 and 28 must be reconciled and they can be reconciled without doing violence to the language of the said sections if the order of adjudication is conclusive only in regard to the status of the insolvent it declares and the transfer, though it formed the basis of the adjudication, so far as the transferee is concerned, continues to be good till set aside.
3 gave full right to Euram to realise its loan by realising the pledged securities nPledgor agreed to pledge its assets as collateral security for due repayment of the loan of 59,82,000 USD. The Act provides for three stages: (1) Transfers made before the presentation of the insolvency petition; (2) transfers made after the presentation of the petition and before the order of adjudication; and (3) transfers made after adjudication.
Mahabir has not mentioned the presence of this servant. 51(3)) and a transfer inter vivos in good faith for valuable consideration, 633 A transfer before the filing of the petition is binding on the Receiver unless it is annulled under ss. It may, in that sense, be a transaction that touches the business of the appellant-society but it is common ground that the respondents were not in the business of selling land as a commercial or business activity for it is nobodys case that the respondents were property dealers or had a land bank and were, as a systematic activity, selling land to make money.
History of similar attacks frequently before”. All this evidence was not questioned except to point out-that Dr. A transfer by an insolvent after the filing of the petition is also not binding on the Receiver subject to a protection clause. The learned judges of the High Supreme Court of India thought that there was no reason that Gajadhar would go out of his way to convey the information to Jadunath that he had purchased the Milkiat of Jogeshwari, the defendant No.
53, 54 or 54-A of the Act. Jadunath claims to have gone to his house with a servant. If it was the intention of the legislature that the said order by its own force should declare the transaction void, it would have fixed the date of the transfer as the datum line instead of the date of the filing of the petition. A purchase in good faith under a sale in execution (s. 14 now presents no difficulty; it is, however, in the application of the said principles that difficulties often arise.
In applying the said principles to the different sets of facts presented by different cases emphasis may shift and the approach may not always be identical; but it is inevitable that the final decision about the vires of any impugned provision must depend upon the decision which the Supreme Court of India reaches, having regard to the facts and circumstances of each case, the general scheme of the impugned Act and the nature and effect of the provisions the vires of which are under examination. It appears to me that this was designedly done to give an opportunity to the party affected to defend his title when the Official Receiver filed an application to annul the transfer.
Let us, therefore, first examine the relevant scheme of the Act and ascertain the effect of the provisions under challenge. It also appears that the appellant told him that the lady was liable to hysterical fits, and that was set down by Dr. The question whether a man like Mahabir who was a total stranger to the plaintiff would be called by Gajadhar to hear such talks also requires the serious consideration of the Supreme Court of India. Thus the enunciation of the principles which flow from.
Ugale’s evidence regarding the health of Laxmibai as given by the appellant.