https://www.taxtmi.com/caselaws?id=103495 A higher court order directing payment and stating that insolvency proceedings would stand discharged was construed as ending the insolvency proceedings on compliance, not as a statutory discharge under the insolvency enactment. Because no formal discharge under the relevant insolvency provision was obtained, the order was not treated as a continuing adjudication against the individual. Once the insolvency proceedings ceased, the Companies Act disqualification based on insolvency no longer applied, and an injunction restraining him from acting as managing director or director lacked foundation. The injunction was therefore set aside, and his entitlement to function as director or managing director was restored. en-us Wed, 15 Dec 1993 00:00:00 +0530 Thu, 23 Feb 2012 12:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103495 A higher court order directing payment and stating that insolvency proceedings would stand discharged was construed as ending the insolvency proceedings on compliance, not as a statutory discharge under the insolvency enactment. Because no formal discharge under the relevant insolvency provision was obtained, the order was not treated as a continuing adjudication against the individual. Once the insolvency proceedings ceased, the Companies Act disqualification based on insolvency no longer applied, and an injunction restraining him from acting as managing director or director lacked foundation. The injunction was therefore set aside, and his entitlement to function as director or managing director was restored. Case-Laws Companies Law Wed, 15 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103495