https://www.taxtmi.com/caselaws?id=800636 Section 9(1) of the Provincial Insolvency Act, 1920 requires a creditor's insolvency petition to satisfy all mandatory conditions, including proof of an actual statutory act of insolvency within the prescribed period. Misdescription of the provision invoked does not invalidate a petition if its substance falls under Section 9(1). Mere non-payment of debt, or an attempt or intention to transfer property, does not constitute an act of insolvency; an actual qualifying transfer is required. Without that statutory foundation, the petition is incompetent, and any resulting insolvency adjudication and consequential liquidation measures cannot continue against any debtor, including non-appellant debtors. en-us Wed, 30 Sep 2026 00:00:00 +0530 Fri, 09 Oct 2026 08:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800636 Section 9(1) of the Provincial Insolvency Act, 1920 requires a creditor's insolvency petition to satisfy all mandatory conditions, including proof of an actual statutory act of insolvency within the prescribed period. Misdescription of the provision invoked does not invalidate a petition if its substance falls under Section 9(1). Mere non-payment of debt, or an attempt or intention to transfer property, does not constitute an act of insolvency; an actual qualifying transfer is required. Without that statutory foundation, the petition is incompetent, and any resulting insolvency adjudication and consequential liquidation measures cannot continue against any debtor, including non-appellant debtors. Case-Laws IBC Wed, 30 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800636