What is an Avyavaharika debt?

Generally speaking, a debt is said to be “avyavaharika” when it is “repugnant to good morals”. The word avyavaharika does not cover merely those debts which are illegal or immoral, but also all debts which the Court regards as inequitable or unjust to make the son liable.

What do you mean by an antecedent or pre existing debt constitutes value?

Value, what constitutes. — Value is any consideration sufficient to support a simple contract. An antecedent or pre-existing debt constitutes value; and is deemed such whether the instrument is payable on demand or at a future time.

What is the legal definition of debt?

1) An amount owed by one person or entity to another. 2) A cause of action in a lawsuit to recover a set amount owed by another person or entity. 3) The total of everything a person or entity owes to all creditors.

Which is not Avyavaharika debt?

[11] Payments of debts that were avyavaharika were not the spiritual debts or religious duty of sons. As said by Narada, “A father must no pay the debts of his son but a son must pay a debt contracted by the father excepting those debts which have been contracted from love, anger, spirituous liquor, games or bailment”.

Which is the best definition of an antecedent debt?

ANTECEDENT DEBT. A legally enforceable obligation, which has been in existence prior to the time in question, to reimburse another with money or property.

Can a debtor transfer property because of an antecedent debt?

Under statutes governing Bankruptcy, a transfer of property made by a debtor because of an antecedent debt might be considered a Voidable preference, depending upon the length of time between the creation of the debt and the filing of the petition for bankruptcy. A bankruptcy court may set aside a voidable preference…

When does a trustee have to prove antecedent debt?

According to section 547 (b) of the bankruptcy code, the trustee has the burden of proving: the payment was made to a creditor, the payment was for or on account of an “antecedent debt,” the payment was made while the debtor was insolvent, within 90 days before the bank- ruptcy filing (or one year if such creditor was an insider), and

Which is the correct synonym for the word antecedent?

Choose the Right Synonym for antecedent. preceding, antecedent, foregoing, previous, prior, former, anterior mean being before. preceding usually implies being immediately before in time or in place. the preceding sentence antecedent applies to order in time and may suggest a causal relation.