https://www.taxtmi.com/caselaws?id=96532 Fixed deposit rights were held to be replaced only to the extent of the composition scheme sanctioned under the Companies Act, and later trust arrangements could not displace the plaintiff's right to recover from the bank without compliance with statutory requirements for creditor assent and formalities. The alleged deed of release was ineffective for want of registration, and part performance could not override mandatory statutory requirements. On limitation, Article 60 of the Limitation Act applied only to money deposited under an agreement payable on demand; this fixed deposit was payable at a specified time, so the suit was not barred, and the plaintiff's minority and the composition scheme timetable also supported timeliness. en-us Fri, 21 Mar 1930 00:00:00 +0530 Mon, 09 Jan 2012 10:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96532 Fixed deposit rights were held to be replaced only to the extent of the composition scheme sanctioned under the Companies Act, and later trust arrangements could not displace the plaintiff's right to recover from the bank without compliance with statutory requirements for creditor assent and formalities. The alleged deed of release was ineffective for want of registration, and part performance could not override mandatory statutory requirements. On limitation, Article 60 of the Limitation Act applied only to money deposited under an agreement payable on demand; this fixed deposit was payable at a specified time, so the suit was not barred, and the plaintiff's minority and the composition scheme timetable also supported timeliness. Case-Laws Companies Law Fri, 21 Mar 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96532