https://www.taxtmi.com/caselaws?id=199767 Under a beneficial debt-relief statute, "debt payable at the commencement of the Act" was construed to mean a debt owing or outstanding on that date, even if not yet immediately enforceable in court. The Act's object required relief to extend to pre-commencement debts classified by the date incurred, rather than only to debts already due and actionable. A deposit or other sum payable on demand was also treated as a debt within the Act, because the absence of a pre-commencement demand postpones enforcement but does not extinguish the liability. The earlier narrow view was rejected, and the debt was brought within the Act's relief scheme. en-us Tue, 26 Apr 1960 00:00:00 +0530 Fri, 09 Sep 2022 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199767 Under a beneficial debt-relief statute, "debt payable at the commencement of the Act" was construed to mean a debt owing or outstanding on that date, even if not yet immediately enforceable in court. The Act's object required relief to extend to pre-commencement debts classified by the date incurred, rather than only to debts already due and actionable. A deposit or other sum payable on demand was also treated as a debt within the Act, because the absence of a pre-commencement demand postpones enforcement but does not extinguish the liability. The earlier narrow view was rejected, and the debt was brought within the Act's relief scheme. Case-Laws Indian Laws Tue, 26 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199767