https://www.taxtmi.com/caselaws?id=298854 An insolvency notice under the Presidency-Towns Insolvency Act, 1909 could be founded on an adjudication and recovery certificate issued under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 because the phrase "decree or order" in Section 9(2) was not confined to a civil court decree. The court rejected importing Civil Procedure Code definitions to narrow that language. It further held that the 1993 Act did not bar insolvency proceedings: insolvency is a proceeding in rem for the benefit of creditors as a class, and the special recovery code operated on a different plane without direct inconsistency. The insolvency notice was therefore sustained. en-us Mon, 03 Apr 2006 00:00:00 +0530 Tue, 23 Nov 2021 17:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298854 An insolvency notice under the Presidency-Towns Insolvency Act, 1909 could be founded on an adjudication and recovery certificate issued under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 because the phrase "decree or order" in Section 9(2) was not confined to a civil court decree. The court rejected importing Civil Procedure Code definitions to narrow that language. It further held that the 1993 Act did not bar insolvency proceedings: insolvency is a proceeding in rem for the benefit of creditors as a class, and the special recovery code operated on a different plane without direct inconsistency. The insolvency notice was therefore sustained. Case-Laws Indian Laws Mon, 03 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298854