AI Overview...
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Definition of 'Debt' - 'Debt' generally refers to a liability incurred by an individual or entity, which may include obligations arising from agreements, decrees, or statutory provisions. Several sources emphasize that for a liability to qualify as 'debt,' it must be subsisting on a specific date (e.g., appointed date) and must be recognized as such under relevant laws. For instance, the definition includes liabilities incurred prior to certain acts but excludes those not subsisting on the specified date (Joseph VS Varghese - Kerala, Bholaram VS Sanulla Khan - Madhya Pradesh).
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Liability Incurred vs. Due - Many references distinguish between liability 'incurred by' and 'due from' a person. The term 'incurred' broadens the scope to include liabilities that have been created but not necessarily payable immediately, whereas 'due from' indicates an obligation that is payable at a specific time. The inclusion of liabilities 'incurred by' an individual or entity is crucial in defining 'debt' (Thomas VS Joseph - Kerala, GEORGE JOSEPH VS STATE BANK OF TRAVANCORE - Kerala).
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Exclusions and Specific Cases - Certain liabilities, such as those arising from breach of trust or agreements lacking specific details, may be excluded from the definition of 'debt.' For example, liabilities from breach of trust are often excluded, and agreements with blank cheques without specific details may not constitute 'debt' (Mariyamma VS Thresiamma - Kerala, Mirza Ghousia VS State of Telangana Rep. by Public Prosecutor - Telangana).
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Subsistence on the Appointed Date - A key feature of the definition is that the liability must subsist on the relevant date for it to qualify as 'debt.' Liabilities that do not exist on this date are generally excluded from the scope (Bholaram VS Sanulla Khan - Madhya Pradesh).
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Legal and Statutory Contexts - The definition of 'debt' varies across laws, such as the Income-tax Act, NI Act, and the Recovery of Debts Act, but consistently emphasizes the existence, subsistence, and recognition of liabilities as essential criteria (Joseph VS Varghese - Kerala, Ramakanth VS V. A. Rahim - Madras, MANCHARSHAWH. WADIA OF PROBANDER VS DEPUTY CUSTODIAN GENERAL OF INDIA - Delhi, Raj Corporation & another VS Bank of Baroda & others - Bombay).
Analysis and Conclusion
A 'debt' or 'liability' in legal terms is primarily an obligation that has been incurred and subsists on a specified date, recognized under applicable laws. It includes obligations arising from agreements, decrees, or statutory provisions, but excludes liabilities that are not subsisting or are based on incomplete or non-specific arrangements. The precise legal definition may vary depending on the context, but the core principles of subsistence, recognition, and incurred status remain central.
Search Results for "Definition of Debt Liability"
1966 0 Supreme(Ker) 40 • India - Kerala
M.S.MENON, P.GOVINDA NAIR
, 7, 8 - Definition of 'debt' - Liability incurred before the commencement of the Act - Compromise decree - Waiver Fact of ... amenable to be scaled down under the Act, despite a compromise decree creating a new liability. ... Finding of the Court: The court found that the liability incurred before the commencement of the Act, as defined in ... ... The definition of the term'debt' in the Act with which Their Lordships were concerned is in the same terms as the definition#H....
1959 0 Supreme(Ker) 197 • India - Kerala
ANNA CHANDY, SANKARAN
of breach of trust' - Court's analysis of the Act's definition of 'debt' and exclusion of liability arising out of breach of trust ... Finding of the Court: The court analyzed the definition of 'debt' under the Act and concluded that the mesne profits ... Ratio Decidendi: The court's decision was influenced by its interpretation of the Act's definition of 'debt' and the exclusion ... The relevant portion of that definition runs as follows: ... "#....
• India - Crimes
K. SURENDER
of debt or other liability – Criminal proceedings quashed. ... of ‘debt or ‘other liability’ – Only because there is agreement which was signed by petitioner/accused by giving blank cheque stating ... that in the event of leaving company, an amount of Rs.1.00 lakh would be paid, would not amount to debt or other liability as required ... Specific details have to be provided by the complainant/employer to show that the outstanding amount either falls within the definition#HL_E....
2007 0 Supreme(Mad) 468 • India - Madras
A.C.ARUMUGAPERUMAL ADITYAN
The court considered the presumptions under Section 118 and 139 of NI Act, the legal definition of 'debt or other liability,' and ... of 'debt or other liability,' and the burden of proof on the accused to rebut the presumptions. ... Section 138, 142 - 138, 139, 118 of NI Act - The court discussed the presumptions under Section 118 and 139 of NI Act, the legal definition ... ... Explanation:-For the purpose of this section, "debt or other liability"....
1969 0 Supreme(Del) 59 • India - Delhi
HARDAYAL HARDY
EVACUEE INTEREST (SEPARATION) ACT, 1951 - MORTGAGE DEBT - DEFINITION - LIABILITY INCURRED BY EVACUEE AFTER 14TH AUGUST 1947 - ... Whether the liability incurred by the evacuee debtors under the award and the subsequent decree was a mortgage debt within the meaning ... The court held that the liability incurred by the evacuee debtors under the award and the subsequent decree was a mortgage debt within ... He however concentrated his attention on the definitio....
1985 0 Supreme(Ker) 251 • India - Kerala
PAREED PILLAY, T.KOCHU THOMMEN
(4) - S.2(5) - S.24 of Agricultural Income-tax Act, 1950 - Definition of 'agriculturist' - Definition of 'debt' - Liability of legal ... Kerala Agriculturists' Debt Relief Act - Alleged right of legal representative to claim benefit of the Act - S.2(1)(iii) - S.2 ... right of the 18th defendant, as the legal representative of the deceased father, to claim the benefit of the Kerala Agriculturists' Debt ... S.2(4) defines a debt: ... 'debt' means any #....
1965 0 Supreme(Ker) 121 • India - Kerala
T.C.RAGHAVAN
of 'debt' in the Act includes a liability 'incurred by' but not 'due from' an agriculturist at the material date, and any debt within ... 'debt' in the Act includes a liability 'incurred by' but not 'due from' an agriculturist at the material date, and any debt within ... of 'debt' and 'agriculturist' in the Act to allow any debt within the definition of the Act to be discharged under S.4, regardless ... Krishnan Kunju (1961 KLT.165....
2004 0 Supreme(Bom) 886 • India - Bombay
V.G.PALSHIKAR, V.M.KANADE
a liability due to it from defendants cannot be excluded from definition of debt. - According to the definition of the word "debt ... There is no room therefore in the definition of the debt for exclusion of a sum which the bank as plaintiff thinks is a debt or liability ... Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Section 2(g) - Debt - Definition of - Word "....
2022 0 Supreme(Telangana) 432 • India - Telangana
K. SURENDER
stating that in event of leaving the company, an amount of amount would be paid, would not amount to debt or other liability as ... of ‘debt or ‘other liability’ - Only because there is an agreement, which was signed by petitioner/accused by giving blank cheque ... amount of amount - Specific details have to be provided by complainant/employer to show that outstanding amount either falls within definition ... Specific details have to be provided by the complainant/employer to show that the outstanding a....
1977 0 Supreme(MP) 599 • India - Madhya Pradesh
G.P.SINGH
All important feature of the definition of "debt" is that the liability should subsist on the appointed date. ... This Court has already stated that a debt, which is not subsisting on the appointed date, does not come within the definition of ... Similarly, a person, who in the past owed such debt and whose liability does not subsist on the appointed date is not a debtor.
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