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TMI Blog1978 (3) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... ering Works at Santa-Cruz, Bombay. The advances from 1960-61 upto to date of death totalled Rs. 74,500 on which interest payable and due amounted to Rs. 23,466 upto 31st March, 1965 plus some more interest due thereafter. There is also no dispute that the debtor had paid during the life time of the deceased towards interest only two amounts of Rs. 1,000 and Rs. 600, which items are, therefore, not included in Rs. 23,466. There is again no dispute that all the major advances were made prior to August, 1963, though a small amount of Rs. 2,500 was advanced in August, 1965 on condition that the debtor would repay the amount of Rs. 2,500 with interest at 12 per cent on or before 5th Oct., 1965. However, even this small amount was not repaid and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruwala went to the work-ship of Shri A.R. Chowdhary on 9th Oct., 1965 and requested him to repay the outstandings, to which there was no positive response from Shri Chowdhary. The Appellant Controller also referred to the Affidavits filed before him by the Accountable Person and Shri Daruwalla. He further stated that the Accountable Person had claimed that even at the time of her visit to the workship on 9th Oct., 1965 the only items of machinery found there consisted of two lathes, a shaper, two Drill machines, one slotter, 1 grinder and 3 vices; the total value of which, as subsequently found during the examination of Shri Chowdhary in insolvency proceedings was not more than Rs. 15,000. He also stated that subsequently these machines wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been possible and added that he was requesting the Official Assignee to allow his Inspector to take out extracts of the records insolvency proceedings, which would take considerable time. 5. On receipt of this remand report, the Appellate Controller proceeded to dispose of the appeal. Taking into account the submissions made before him as also the documents filed before the High Court and making a reference to the Accountable Person's suit as well as the insolvency proceedings of the debtor, he came to the conclusion that the value of the debt due form Shri Chowdhary could not be estimated at more than Rs. 3,000, as was admitted by the Accountable Person hereself in her written submission. He held that in view of the financial position ..... X X X X Extracts X X X X X X X X Extracts X X X X
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