Judgment

THAKKAR, J. :- The proposition canvassed by the appellant, namely, that from the point of time that an order for rateable distribution is passed by the executing court the monies in question cease to be the property of the judgment-debtor and become the property of the decree-holder, regardless of whether or not actual payment pursuant to the said order is made, is supported by the decisions of three High Courts namely, Madras, Calcutta and Bombay. As early as in 1922 the Madras High Court in Official Receiver of Tanjore v. M. R. Venkatarama lyer, AIR 1922 Mad 31 has taken the view canvassed by the appellant as is evident from the passage quoted hereunder :-

"It seems to me that from the time of the order of rateable distribution the money must be treated as belonging, not to the judgment-debtor, Nataraja lyer, but to the decree-holder in whose favour the order was passed. Mr. of Devadoss for appellant contended that the effect of a rateable distribution order is merely to allocate the money to the different suits without affecting its ownership. The latter, he says, still rests in the judgment-debtor by the sale of whose property it was allocated. I do not think this is so.