Law:

Section:

(a) Civil Procedure Code (V of 1908)--- ----O. VII, R.2, O. XXI, Rr.11(2) & 58---Transfer of Property Act (IV of 1882), Ss.122, 123 & 129---Suit for recovery of amount---Application for execution of decree---Attachment of property---Objection to---Suit for recovery of amount filed by the plaintiff/corporation, against defendant company had been decreed---Decree-holder filed execution application against -debtor, which was not contested---Decree-holder sought attachment and sale of objector's personal Flat---Said objector who was Chief Executive of the -debtor's company had stated that said property was orally gifted by him to his daughter, prior to execution proceedings---Counsel for objector had contended that Director/Chief Executive Officer of a company was not personally liable to pay the liabilities of the company---Validity---Objectors/Chief Executive of -debtor company had not stated that he purchased the property in question from the funds of the company which would have called for the invocation of doctrine of lifting the corporate veil---Doctrine of lifting of the corporate veil would not mean that shareholders were also to be made equally liable to the company---Company was a separate juristic person distinct from shareholders and Directors and to make recovery from the company, the personal property of the Chief Executive, Director could not be attached---So far as the factum of gift, was concerned, it was correct that donor had not produced any registered document conferring upon her the title of the property in question; but a gift was to be effected in the manner prescribed by Islamic Law and it was essential to the validity of a' gift that there should be a declaration of gift by the donor, acceptance of the gift, expressed or implied by or on behalf of the donee; and delivery of possession of the subject of the gift by the donor to the donee---Oral gift was permissible and sufficient to transfer of property; it could not be necessarily reduced in writing, if by cogent and conclusive evidence, it was proved that the donor had made an oral gift, which had been accepted by donee and possession had been delivered to donee---Donor had fully…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492