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Issues Involved:
1. Whether the claim is within time. 2. Whether the petitioner is a creditor and, if so, to what amount. Issue-wise Detailed Analysis: 1. Whether the claim is within time: The judgment does not explicitly address the timeliness of the claim in detail. The primary focus is on the validity and genuineness of the claim itself rather than its timeliness. Therefore, this issue appears to be secondary to the main question of whether the petitioner is a legitimate creditor. 2. Whether the petitioner is a creditor and, if so, to what amount: The petitioner, Shri Brij Lal Palta, filed an application under section 529 of the Companies Act, 1956, challenging the official liquidator's rejection of his claim for Rs. 3,450 against the company. The petitioner claimed that he advanced Rs. 4,300 to the company in 1952 to help settle its debts with creditors. This amount was allegedly recorded in the company's cash book by P.W.-1, Mool Chand, the company's manager. The petitioner also claimed to have appropriated Rs. 850, returned by Gandhi Memorial School, towards his claim, reducing the amount owed to Rs. 3,450. The official liquidator rejected the claim on 17th July 1958, questioning its validity. The court examined the evidence, including statements from witnesses and documents provided. P.W.-1, Mool Chand, confirmed the entry in the cash book and the payment made by the petitioner. However, he admitted that no resolution was passed by the company's board of directors regarding this advance, and no receipt was issued to the petitioner. The petitioner, appearing as P.W.-3, admitted that he had no formal connection with the company, either as a shareholder or dealer. He also conceded that no authority was given to him by the company to collect the Rs. 850 from Gandhi Memorial School. The managing director, R.W.-1, Ram Nath Chopra, denied authorizing any such transaction and stated that he was unaware of the petitioner's advance. The court emphasized the importance of scrutinizing claims in insolvency proceedings to ensure just distribution among creditors. It noted that even if an entry in the cash book were considered an admission by the insolvent company, the court must independently verify the legitimacy of the debt. The court cited several precedents, including Jethmal Narandas v. Mahadeo Anandji Dhoria, Ram Lal Tandon v. Kashi Charan, and Kibble, ex parte: In re Onslow, to support this principle. The court concluded that the petitioner's claim lacked bona fide evidence and that the official liquidator was justified in rejecting it. The court dismissed the petition with costs, affirming the liquidator's decision.
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