AIR 2024 CALCUTTA 65
AIROnline 2023 CAL 1808
CALCUTTA HIGH COURT
Efcalon Tie Up Pvt. Ltd. v. West Bengal Financial Corporation.
APO No. 174 of 2018, D/- 25-8-2023.
📌Stamp Act (2 of 1899), Ss. 35, 33- Registration Act (16 of 1908), S.17 – In- sufficiently stamped and unregistered document – Admissibility – Debt recovery proceedings initiated against Company in-liquidation MoU was executed be- tween creditor and auction purchaser Entire claim of creditor including actionable claims against Company-in-liquidation were transferred to purchaser – MoU provided for transfer of interest in immovable property together with actionable claims If MoU is to be interpreted as transfer of mortgagee’s interest in immovable property, together with actionable claims, duty in each of transfers is to be computed separately and made chargeable to duty Duty was payable on basis of transaction pleaded in MoU on date of its execution Insufficiently stamped and unregistered MoU would not be admissible and liable to be impounded.
📌Transfer of Property Act (4 of 1882), S.3 Actionable claim Meaning It is intangible personal property that does not exist physically and cannot be physically possessed – It is opposed to “chose in possession” which concerns tangible personal property i.e. goods Types of movable properties which fit in definition of actionable claim are inter alia benefits under a contract, debts, damages in tort, intellectual property rights, shares and equitable rights in a trust fund.