https://www.taxtmi.com/caselaws?id=272614 Under the Presidency-towns Insolvency Act, a petitioning creditor must show a subsisting, enforceable debt not only when the petition is filed but also at the hearing and until the adjudication order is made. Section 12 governs presentation of the petition, while Section 13(2) requires proof of the debt and the act of insolvency at the hearing. The Bombay HC held that a debt which becomes time-barred before hearing cannot support adjudication. The Court also noted that pendency of an insolvency petition does not suspend limitation, and the creditor could preserve the claim by acknowledgment, part payment, or timely suit. en-us Wed, 25 Oct 1967 00:00:00 +0530 Wed, 09 May 2018 17:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272614 Under the Presidency-towns Insolvency Act, a petitioning creditor must show a subsisting, enforceable debt not only when the petition is filed but also at the hearing and until the adjudication order is made. Section 12 governs presentation of the petition, while Section 13(2) requires proof of the debt and the act of insolvency at the hearing. The Bombay HC held that a debt which becomes time-barred before hearing cannot support adjudication. The Court also noted that pendency of an insolvency petition does not suspend limitation, and the creditor could preserve the claim by acknowledgment, part payment, or timely suit. Case-Laws Indian Laws Wed, 25 Oct 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272614