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Meaning of Poundage
Poundage is nothing but a type of fee payable to the Sheriff of Mumbai. It is payable when a person is arrested or property is attached in a civil action, by the Sheriff of Mumbai. Poundage is payable both in cases of arrest/attachment before judgment, i.e. attachment pendente lite and in execution of decrees. In the High Court of Bombay the rate of poundage is 1% of the debt levied by execution including an attachment before judgment or
In its literal sense ‘lis pendens’ means – ‘a pending legal action’. The principle of lis pendens in relation to immoveable property is embodied under Section 52 of the Transfer of Property Act, 1882 (“TOPA”). The object of the provision is to ensure that the rights of a party claiming any right, title or interest in an immoveable property is not affected during the pendency of any proceedings
On 22nd October 2018, the Insolvency and Bankruptcy Board of India (“IBBI”) notified amendments to the IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Process Regulations”), substituting the then-existing Regulation 32 of the Liquidation Process Regulations. After the amendment, Reg. 32 stood amended as under:
“32.Manner of sale. – The liquidator may sell –
(a) an asset on a standalone basis;
(b) the assets in a slump sale;