https://www.taxtmi.com/caselaws?id=193996 An insolvency notice under the Presidency Towns Insolvency Act, 1909 can rest only on a decree or order for payment of money that has become final and remains unstayed. An arbitral award does not attain enforceability in this sense while a challenge under Section 34 of the Arbitration and Conciliation Act, 1996 remains pending, and an appeal under Section 37 is a statutory continuation of that challenge. Because the appeal against the modified award was still pending, the award had not attained finality and could not be treated as an executable decree for insolvency purposes. The notice was therefore not maintainable and was set aside. en-us Tue, 16 Oct 2012 00:00:00 +0530 Mon, 22 Jan 2018 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193996 An insolvency notice under the Presidency Towns Insolvency Act, 1909 can rest only on a decree or order for payment of money that has become final and remains unstayed. An arbitral award does not attain enforceability in this sense while a challenge under Section 34 of the Arbitration and Conciliation Act, 1996 remains pending, and an appeal under Section 37 is a statutory continuation of that challenge. Because the appeal against the modified award was still pending, the award had not attained finality and could not be treated as an executable decree for insolvency purposes. The notice was therefore not maintainable and was set aside. Case-Laws Indian Laws Tue, 16 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193996