Business Law Case

Mr. Sanyam had a textile manufacturing plant. He went insolvent in year 2007 and all his
assets and liabilities went into liquidation to an assigned liquidator.

An extract of As assets and liabilities is here as

Creditors
Payal 1000000
Aakash 1000000
Asset
Building 1 1000000
Building 2 2000000
Land 1000000
Property in 200000
canada
Loan given to 1800000
Jinal on building
he mortgaged

Ms. Payal accepted the building 1 worth Rs 1000000 in settlement of her credit extended.
After the acquiring possession of building 1 she was threaten to sell that property to a
company situated in Pakistan.

While Jinal claims she was a minor when she mortgaged his property in favour of the
defendant, Mr. Sanyam, to secure a loan of Rs. 2000000. The actual amount of loan given was
less than Rs. 20,00,000. At the time of the transaction the attorney, who acted on behalf of the
Mr. Sanyam. Had the knowledge that Ms. Jinal is a minor. So she claimed her property
(building 2) in return of amount she was provided to mortgage it at the first place.

Liquidator gave land to creditor Mr. Aakash to set off his loan amount to Mr. Sanyam. Mr.
Aakash met an accident just after a month of this contract and went unsound. Ms. Isha a real
estate dealer wanted to buy this land from MrAakash because she had a client Mr. Pallav who
was ready to buy it at double the price she was paying to Mr. Aakash.

Ms. Isha knew that Mr. Aakash was of unsound mind still she entered into contract and
purchased the property at 1000000 Rs and then entered into a contract with Mr. Pallav at
2000000 without mentioning that property acquired by her was not valid.

The property of Canada was promised by Mr. Sanyam to his Son if he marries an India
Women.