https://www.taxtmi.com/caselaws?id=213807 A final misfeasance decree could not be reopened or varied in execution, and the Court held that Section 47 of the Presidency Town Insolvency Act did not authorise adjustment of the decretal liability on the grounds advanced. Section 70 of the Indian Contract Act, 1872 was held inapplicable on the facts. An old 1958 balance sheet was treated as irrelevant after the 1965 winding-up order, and alleged credits for payments to third parties were rejected as disputed factual claims unsupported by the record. The applicant therefore received no set-off or reduction of liability. en-us Wed, 20 Jul 2011 00:00:00 +0530 Tue, 29 May 2012 19:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213807 A final misfeasance decree could not be reopened or varied in execution, and the Court held that Section 47 of the Presidency Town Insolvency Act did not authorise adjustment of the decretal liability on the grounds advanced. Section 70 of the Indian Contract Act, 1872 was held inapplicable on the facts. An old 1958 balance sheet was treated as irrelevant after the 1965 winding-up order, and alleged credits for payments to third parties were rejected as disputed factual claims unsupported by the record. The applicant therefore received no set-off or reduction of liability. Case-Laws Companies Law Wed, 20 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213807