R S WOONWALLA AND CO Vs. NCMACLEOD

JUDGEMENT

(1.) This appeal arises out of an application by certain creditors in the insolvency of Bhucandas Lallubhai and Hurgovandas Itcharam to set aside a sale of property of the insolvent.

(2.) The property sold consisted of the insolvent's interest as puisne mortgagees in a mill in Bombay and the debt secured by the mortgage.

(3.) On the 10 of April 1905 the Official Assignee agreed with Mr. Ebrahim Rahimtoola to sell the property to him for Rs.. 8,000 subject to the sanction of the Court. On the same day Mr. Premchand Roychand made an offer of Rs. 10,500. Mr. Ebrahim at once expressed his willingness to increase his offer to the same amount.