https://www.taxtmi.com/caselaws?id=469820 A substituted petitioning creditor may continue insolvency proceedings where the original creditor had already obtained a valid insolvency notice and the debtor's non-compliance had completed the act of insolvency; the substitution does not interrupt the completed statutory foundation for the petition. The bar in section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to a suit, not to insolvency proceedings or an insolvency notice against a guarantor, and cannot be expanded beyond the statutory text. On that basis, the insolvency petition was maintainable. en-us Tue, 17 Oct 2006 00:00:00 +0530 Mon, 06 Jul 2026 12:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469820 A substituted petitioning creditor may continue insolvency proceedings where the original creditor had already obtained a valid insolvency notice and the debtor's non-compliance had completed the act of insolvency; the substitution does not interrupt the completed statutory foundation for the petition. The bar in section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to a suit, not to insolvency proceedings or an insolvency notice against a guarantor, and cannot be expanded beyond the statutory text. On that basis, the insolvency petition was maintainable. Case-Laws IBC Tue, 17 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469820