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26. The report of the liquidator in the present case seeks a direction as to whether the liquidator should defend the suit and, if so, on what term ? The liquidator seeks a further direction as to whether the offer given by the landlords to compromise the suit should or should not be accepted. In may opinion, the surrender of the leasehold rights when the tenancy is a statutory one, is not a sale or transfer of immovable property under section 5 of the Transfer of Property Act. (See Makhan Lal Laha v. Nagendra Nath Adhicary ). A surrender of leasehold rights has been characterised by this court in Balaji Sitaram Naik Salgavkar v. Bhikaji Soyare Prabhu Kanolkar [1884] ILR 8 Bom 164, as a contract by mutual consent.