TaxTMI 
TaxTMI 
TaxTMI 
1942 (7) TMI 16
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....ishnaswami Ayyangar, J. - This is an appeal from an order of the District Judge of Coimbatore holding that an assignment in favour of the appellant made on 2nd March, 1939, by the Mahalakshmi Bank, Limited, now in liquidation, was a fraudulent preference. The question was considered by the learned Judge under two heads and on two different dates. First, he considered the question whether the assig....
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.... for winding up in the case of a voluntary winding up, shall be deemed to correspond with the act of insolvency in the case of an individual." In the present case, there was an extraordinary resolution for the voluntary winding up of the company on 20th April, 1939. If this date is to be taken as the crucial date for the determination of the period of three months, then the assignment in question....
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....t has happened in the present case, for the resolution for the voluntary winding up of the company passed on 20th April, 1939, was followed by a petition for the compulsory winding up of the company subject to the supervision of the Court, presented on 17th June, 1939. If the latter date is to be regarded as the date from which the period of three months is to be calculated, then the assignment wo....
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....compulsory winding up. Referring to the decision in In re Taurine Co. [1883] 25 Ch. D 118, the learned Judge explained the position by stating that the provisions of the Act left no room for doubt that when the voluntary winding up is followed by a compulsory winding up by the Court, the former is superseded altogether on account of the inconsistency between the provisions which relate to the two ....