https://www.taxtmi.com/caselaws?id=469823 In insolvency proceedings, adjudication may be annulled where the debtor ought not to have been adjudged insolvent or where the insolvent's debts are shown to have been paid in full. The text notes that once the petitioning creditor's decretal dues were deposited and accepted in full satisfaction, that creditor could not continue to press for insolvency adjudication. It also states that claims before the Official Assignee by other claimants, not yet reduced to decrees or orders for payment, could not by themselves sustain the proceedings after the petitioning creditor was satisfied. An undertaking-cum-indemnity was treated as adequate protection for later claimants. en-us Tue, 18 Jun 2019 00:00:00 +0530 Mon, 06 Jul 2026 13:19:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469823 In insolvency proceedings, adjudication may be annulled where the debtor ought not to have been adjudged insolvent or where the insolvent's debts are shown to have been paid in full. The text notes that once the petitioning creditor's decretal dues were deposited and accepted in full satisfaction, that creditor could not continue to press for insolvency adjudication. It also states that claims before the Official Assignee by other claimants, not yet reduced to decrees or orders for payment, could not by themselves sustain the proceedings after the petitioning creditor was satisfied. An undertaking-cum-indemnity was treated as adequate protection for later claimants. Case-Laws IBC Tue, 18 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469823