OFFICIAL ASSIGNEE, HIGH COURT, BOMBAY vs HARADAGIRI BASAVANNA GOWD AND OTHERS

The Supreme Court held that under Section 17 and Section 51 of the Presidency Towns Insolvency Act, the estate of the insolvent vests in the Official Assignee, and this vesting is not divested by Section 28(7) of the Provincial Insolvency Act, which relates back to the date of the petition's presentation. The Court ruled that the application by the Official Assignee to the Bellary Court did not conform to Section 77 of the Provincial Insolvency Act. The appeal by the Official Assignee was allowed, affirming the vesting of the estate in the Official Assignee of Bombay.