report, the impugned transfer was not challenged in terms as a fraudulent preference, but was challenged on the ground of the same being ... briefly summarised as under :
(a) The impugned transaction amounted to "fraudulent preference" of one creditor in preference to other creditors within the meaning
Official Liquidator formed the view
that the Consent Decree constituted a fraudulent preference and was thus
invalid. Official Liquidator accordingly filed Official Liquidator ... Court are clearly barred by time.
(c) The defence/plea of fraudulent preference raised by Official
Liquidator on the assumption that the Decree was allegedly
question was held by the lower Court not to be a fraudulent preference within the meaning of Section 54 of the Provincial Insolvency Act which ... held an follows:
The question whether there has been a fraudulent preference depends not upon the mere fact that there had been a preference
31st of March 1908. To understand the reason for the alleged fraudulent preference it is necessary to say that there were three Hundies, drawn ... regarded constructively as a creditor when the question is one of fraudulent preference. Nor is that legal position, with its attendant rights and disabilities
months of the commencing of winding up
proceedings would constitute a fraudulent preference by the
company of its creditors and would be invalid under section ... Expenses Sub Account would
amount to a fraudulent preference within the meaning of section
531 of the Companies Act, 1956. Subsequently, in the affidavit
months of the commencing of winding up
proceedings would constitute a fraudulent preference by the
company of its creditors and would be invalid under section ... Expenses Sub Account would
amount to a fraudulent preference within the meaning of section
531 of the Companies Act, 1956. Subsequently, in the affidavit
official liquidator considers the payment of Rs. 68,510.64 as a fraudulent preference but not otherwise, as laid down in s. 531 of the Companies ... before the commencement of its winding-up a "deemed" fraudulent preference of its creditors and further invalidates such transaction of payment. Now, apart
before the commencement of its winding-up a "deemed" fraudulent preference of its creditors and further invalidates such transaction. This decision obviously dealt ... being dealt with by the Official Liquidator on proof of fraudulent preference.
24. It does not appear to us that any of the decisions relied
towns Insolvency Act in matters of voluntary transfers (s. 55) and fraudulent preferences (s. 56), and that no suit lies in the ordinary tribunals ... establish that a transfer by the debtor is void as a fraudulent preference the onus of proof is on the Official Assignee. The Official Assignee
Tulsidas Jasraj Parekh vs The Industrial Bank Of Western India on 27 February, 1930
Equivalent
