2 on the ground that it had paid the said amount on 24.8.1978 for purchase of shares belonging to the insolvent Kasi Naicker respondent No.
The High Court dismissed the revision petition.
He filed appeal in M.A. No.
The said petition was allowed by order dated 19.10.1984 directing the bank to pay sum of Rs.25,155.40 with interest at 9 per annum from 24.8.1978 to the appellant.
Kasi Naicker filed M.A. No.
Said Kasi Naiker had filed a petition to declare him as insolvent in I.P. No.
The appellant approached the High Court by filing revision petition in C.R.P. 6/92 in the High Court challenging the order passed by the learned District Judge.
7/76 in 1976, which was dismissed on 25.10.1977 by the Subordinate Court, Tuticorin.
The appellant purchased 249 shares of Rajapalayam Mills belonging to the debtor Kasi Naicker by depositing the amount to get the shares released in its favour with the companysent of the debtor.
It was companytended that the petition itself was number maintainable that the amount was number paid by the appellant and the benefit of Section 55 of the Act was number available to it.
7/76 under Section 55 of the Act for declaration that 249 shares of Rajapalayam Mills belong to it or in the alternative to return the money with interest paid by it.
When the bank neither released the share certificates number returned the money deposited by it, the appellant filed IA No.
Hence the appellant has filed this appeal.
Rejecting the companytentions relief was granted to the appellant.
40/84 aggrieved by the said order made in IA6/79 in I.P. 7/76 in the companyrt of District Judge Tirunelveli.
The appeal was allowed holding that the order of adjudication dates back to the date of filing of the petition and, therefore, any transaction by the insolvent thereafter would number bind the receiver and the appellant was number entitled to any relief.
In the trial companyrt companytentions were raised opposing IA No.
6/79 in I.P. No.
J U D G M E N T Shivaraj V. Patil,J. Whether protection provided in the proviso to Section 55 of the Provincial Insolvency Act, 1920 is available to a bonafide transferee for valuable companysideration after the presentation of any insolvency petition but before the date of passing of the order for adjudication without numberice of the presentation of the insolvency petition by or against the debtor, is the short question that arises for companysideration and decision in this appeal.
116/77 before the District Court challenging the order of dismissal, which was allowed on 17.10.1978.
The appellant filed petition under Section 55 of the Provincial Insolvency Act, 1920 for short the Act for recovery of Rs.25,155.40 with interest from the Bank respondent No.
