Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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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