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TMI Blog1938 (10) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... any on 4-6-1938. This letter is not available, but the contents are set out in the applicant's affidavit in support of his application in paragraph 4, and it is not controverted that his recollection in regard to the contents is accurate. The letter was to the effect that the applicant was the holder in due course of a fixed deposit receipt with the Bank for a sum of Rs. 1,000 standing in the name of Sri Bageerathi Ammal maturing on 28-7-1939, and he requested an adjustment of this debt from the company against the amount due from the applicant. An interview took place on the day of, or shortly after, the letter I mentioned, between the applicant and the agent. The substance of this interview is set out in paragraph 3 of the counter affidav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s original request to be allowed to set off. He also asked for return of the share certificates deposited as security. It is quite clear that, whatever may have been stated, he accepted the position that on that day there was no set off and the debt due from him was still outstanding to the company. It is urged on behalf of the applicant that no matter what may have transpired in June 1938, he is now entitled to set off against moneys due from him the moneys which ordinarily would have become due on the maturity of the fixed deposit receipt. In the light of the admissions and concessions which Mr. Krishnaswami Ayyar has made on behalf of the Official Liquidators, it is not necessary for me to go into the question of the right to set off. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lder of this fixed deposit receipt in due course. In the counter affidavit, in paragraph 10, it is stated that the Official Liquidators do not admit and put the applicant to strict proof that he is a bona fide assignee for value of the amount covered by the fixed deposit. In his reply the applicant merely says that he is a bona fide assignee for value. Seeing that it is contested that he is a bona fide assignee of this deposit receipt, one would have thought in his reply he would have set out the consideration which he paid. There is not a word about that. Learned counsel on behalf of the applicant has referred me to section 130, sub-section (1) of the Transfer of Property Act, 1882, which provides that a transfer of an actionable c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors stepped in, having been appointed provisionally in the first instance, negotiations took place between the applicant and the liquidators, asset out in paragraph? of the counter affidavit, which is not disputed. On the 25th July the applicant wrote to the provisional liquidators asking them to make necessary adjustments in the loan account and to return to him the share certificates held by the bank as collateral security. The liquidator replied on the same day regretting that they were unable to comply with his request: on the 30th, the applicant wrote that the depositor was Willing to give another fixed deposit receipt in substitution for the earlier one, the other fixed deposit receipt maturing on the 28th July, 1938. It seems strang ..... X X X X Extracts X X X X X X X X Extracts X X X X
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