Judgement

Appeal (No. 76 of 1935) from a decree of the High Court in its appellate jurisdiction (August 14, 1934) reversing a decree of the High Court in its original civil jurisdiction (March 1, 1934).

This appeal arose out of a suit brought by the appellant company, M. E. Moolla Sons, Ld., through its liquidator, for a declaration that a certain asset held by one M. £. Moolla, an insolvent, was the property of, and was held by him in trust for, the appellant company, and that it did not vest in the Official Assignee as the property of the insolvent.

The asset in question was the interest of one Maung Chit Maung under a deed of settlement made by his father on May 5, 1908. That interest, which was a vested interest in the income and a contingent interest in the corpus of the settled landed property, was conveyed by Maung Chit Maung to M. E. Moolla by a registered deed, dated December 17, 1919, for a consideration of Rs.2,50,000. On December 22, 1920, M. E. Moolla entered into an agreement, which was never registered, to sell to the appellant company his business and certain properties and interests, the latter including the right of Maung Chit Maung in the estate of his father.

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