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TMI Blog1933 (3) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... o pay interest on it. The respondent paid the thousand rupees before the agreement was executed, and in fact the agreement never was executed. The deposit of ₹ 1,000 was paid on June 25, 1930, and on April 24, 1931, the White Kerosene Mineral Oil Company were adjudicated insolvents. In the meantime the respondent had started a suit in a Court at Karachi for the purpose of recovering his deposit, and on May 6, 1931, i.e., after the date of the insolvency, he recovered a judgment for ₹ 1,000, the amount of the deposit, with interest and costs. The question which arises in the insolvency is, whether the respondent is entitled to recover the thousand rupees as moneys held by the insolvents at the time of the insolvency on trust fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 of the Presidency-towns Insolvency Act property held by an insolvent in trust for any other person is not divisible amongst his creditors, and that it is only property divisible amongst his creditors as defined in Section 52 which vests in the Official Assignee under Section 17. It follows that these one thousand rupees never in fact vested in the Official Assignee, and that the recovery of a judgment for this amount could not have any effect upon the vesting of the property, and therefore the Official Assignee must return this specific amount to the respondent. On the other hand the Advocate General points out that these one thousand rupees were never in fact kept distinct from the other property of the insolvents, and therefore the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so, I do not see any ground under which we can order the Official Assignee to repay the one thousand rupees in specie to the respondent. 5. That being so, I think we must allow the appeal. Appellant's costs to come out of the assets of the insolvents. Respondent to bear his own costs, this being in the nature of a test case. Rangnekar, J. 6. I agree. I need not refer to the facts which are set out in the judgment of the learned Chief Justice. The answer to the short question in this appeal depends upon the position of the parties on April 24, 1931, and May 6, 1931. Now it is clear on the facts, which are not disputed, that on April 24, 1931, when the White Kerosene Mineral Oil Company were adjudicated insolvents, a sum of &# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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