Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
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Unregistered agreements for sale in respect of immovable property do not transfer title or qualify as admissible evidence where registration is mandatory; consequently the property remains part of the bankrupt's estate absent a registered sale deed. The agreements required institution of a suit for specific performance and no such suit was prosecuted within the requisite period, so the contractual right was extinguished by inaction under the Limitation Act and could not exclude the asset from the bankruptcy estate. The interlocutory application to exclude the asset was rejected and the claimed rights were held ineffective against the bankruptcy trustee's administration.
Unregistered agreements for sale in respect of immovable property do not transfer title or qualify as admissible evidence where registration is mandatory; consequently the property remains part of the bankrupt's estate absent a registered sale deed. The agreements required institution of a suit for specific performance and no such suit was prosecuted within the requisite period, so the contractual right was extinguished by inaction under the Limitation Act and could not exclude the asset from the bankruptcy estate. The interlocutory application to exclude the asset was rejected and the claimed rights were held ineffective against the bankruptcy trustee's administration.
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