https://www.taxtmi.com/caselaws?id=469822 Under the Presidency Town Insolvency Act, 1909, the class of creditors entitled to prove in insolvency is broader than the class entitled to serve an insolvency notice. A creditor who could not have invoked section 9(2) may still oppose annulment under section 21 if adjudication has been validly made and provable debts remain unpaid. Secured creditors may prove for any balance left after realisation of security, and their claims can prevent annulment unless the insolvent shows that all provable debts have been paid in full. On these principles, annulment failed because full payment was not established and the secured creditor could resist the application. en-us Tue, 20 Jan 2009 00:00:00 +0530 Mon, 06 Jul 2026 12:27:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469822 Under the Presidency Town Insolvency Act, 1909, the class of creditors entitled to prove in insolvency is broader than the class entitled to serve an insolvency notice. A creditor who could not have invoked section 9(2) may still oppose annulment under section 21 if adjudication has been validly made and provable debts remain unpaid. Secured creditors may prove for any balance left after realisation of security, and their claims can prevent annulment unless the insolvent shows that all provable debts have been paid in full. On these principles, annulment failed because full payment was not established and the secured creditor could resist the application. Case-Laws IBC Tue, 20 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469822