https://www.taxtmi.com/caselaws?id=445424 Inclusive definitions of "creditor", "debt" and "debtor" in the Presidency Towns Insolvency Act, 1909 were held to extend beyond a narrow judgment-debt meaning, so an adjudication penalty under the Foreign Exchange Regulation Act, 1973 could constitute an enforceable debt. The expression "decree or order" in Section 9(2) was not confined to civil court orders and could include a competent statutory adjudication made after due process. However, an insolvency notice failed because the underlying penalty order had not attained finality when the notice was issued and the appeal was still pending. Recovery of the Central Government's dues through the Tamil Nadu Revenue Recovery Act, 1864 was also held not competent. en-us Fri, 20 Oct 2023 00:00:00 +0530 Mon, 06 Jul 2026 10:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445424 Inclusive definitions of "creditor", "debt" and "debtor" in the Presidency Towns Insolvency Act, 1909 were held to extend beyond a narrow judgment-debt meaning, so an adjudication penalty under the Foreign Exchange Regulation Act, 1973 could constitute an enforceable debt. The expression "decree or order" in Section 9(2) was not confined to civil court orders and could include a competent statutory adjudication made after due process. However, an insolvency notice failed because the underlying penalty order had not attained finality when the notice was issued and the appeal was still pending. Recovery of the Central Government's dues through the Tamil Nadu Revenue Recovery Act, 1864 was also held not competent. Case-Laws FEMA Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445424