Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
A creditor under the Presidency-Towns Insolvency Act may lodge and prove a claim without first obtaining a decree, because "creditor" and "debt" are used in an inclusive sense and the official assignee must independently verify the claim by a reasoned order. The assignee may admit or reject the claim on law and facts, and cannot accept it mechanically merely because the insolvent admits liability. Where proceedings were already pending, they do not transfer to the official assignee; the competent forum retains jurisdiction, while the claim may be preserved for dividend distribution pending the eventual adjudication. The decree-only view was rejected, and insolvency adjudication was treated as operating for the benefit of all creditors.
A creditor under the Presidency-Towns Insolvency Act may lodge and prove a claim without first obtaining a decree, because "creditor" and "debt" are used in an inclusive sense and the official assignee must independently verify the claim by a reasoned order. The assignee may admit or reject the claim on law and facts, and cannot accept it mechanically merely because the insolvent admits liability. Where proceedings were already pending, they do not transfer to the official assignee; the competent forum retains jurisdiction, while the claim may be preserved for dividend distribution pending the eventual adjudication. The decree-only view was rejected, and insolvency adjudication was treated as operating for the benefit of all creditors.
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