https://www.taxtmi.com/caselaws?id=40057 Section 53 of the Transfer of Property Act avoids a transfer only where immovable property is conveyed with intent to defeat or delay creditors and the transfer places the property beyond their reach for the transferor's benefit. A debtor may lawfully prefer genuine creditors over others, and such preference is not fraudulent if the transfer is for adequate consideration, satisfies genuine debts, and no benefit is reserved to the transferor. On the recorded findings, the sale proceeds were applied to the company's creditors, with no inadequacy of consideration or retained benefit. The transfer was therefore not voidable under section 53 and the challenge failed. en-us Tue, 15 Jul 1986 00:00:00 +0530 Tue, 29 Jul 2014 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40057 Section 53 of the Transfer of Property Act avoids a transfer only where immovable property is conveyed with intent to defeat or delay creditors and the transfer places the property beyond their reach for the transferor's benefit. A debtor may lawfully prefer genuine creditors over others, and such preference is not fraudulent if the transfer is for adequate consideration, satisfies genuine debts, and no benefit is reserved to the transferor. On the recorded findings, the sale proceeds were applied to the company's creditors, with no inadequacy of consideration or retained benefit. The transfer was therefore not voidable under section 53 and the challenge failed. Case-Laws Income Tax Tue, 15 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40057