Preference - Indian Laws - General

Concept of preference The basic concept of preference as per the law dictionaries and lexicons is the act of paying or securing to one or more of his creditors, by an insolvent debtor, the whole or part of their claims, to the exclusion of the rest P. Ramanatha Aiyar s Advanced Law Lexicon (5th Ed.-Vol 3, p.4002). In Black s Law Dictionary -10th Edition pp. 1369 and 1370: preference. (15c) 1. The favouring of one person or thing over another. 2. The person or thing so favoured. 3. The quality, state, or condition of treating some persons or things more advantageously than others. 4. Priority of payment given to one or more creditors by a debtor; a creditor s right to receive such priority. 5. Bankruptcy. PROFESSIONAL FOR JAYPEE INFRATECH LIMITED VERSUS AXIS BANK LIMITED ETC. ETC.- 2020 (2) TMI 1259 - SUPREME COURT