#Official Assignee

Bombay High Court rules that property transfers executed via unstamped and unregistered agreements after insolvency adjudication are void ab initio, reinforcing creditor protections under the Presidency Towns Insolvency Act 1909. The court directed deposit of sale proceeds with the Official Assignee, setting a precedent for fraudulent transfer cases in insolvency proceedings.

Bombay High Court clarifies that under the Presidency Towns Insolvency Act, 1909, creditors need not hold a decree to lodge claims with the official assignee. The official assignee must independently examine claims, and creditors with pending proceedings must secure final adjudication orders for dividend distribution, ensuring broader access to insolvency proceedings.