https://www.taxtmi.com/highlights?id=104715 Creditor insolvency petitions require proof that the debtor committed a statutory act of insolvency within the prescribed period; the conditions are conjunctive. An attempted or agreed transfer of property, without an actual transfer, does not fall within the statutory definition. Non-repayment of debt may support a money claim but does not independently constitute an act of insolvency. Because no qualifying statutory act was established, the High Court set aside the insolvency adjudication and all consequential directions, while preserving creditors' ability to pursue other remedies in law. en-us Fri, 09 Oct 2026 10:52:59 +0530 Fri, 09 Oct 2026 10:52:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104715 Creditor insolvency petitions require proof that the debtor committed a statutory act of insolvency within the prescribed period; the conditions are conjunctive. An attempted or agreed transfer of property, without an actual transfer, does not fall within the statutory definition. Non-repayment of debt may support a money claim but does not independently constitute an act of insolvency. Because no qualifying statutory act was established, the High Court set aside the insolvency adjudication and all consequential directions, while preserving creditors' ability to pursue other remedies in law. Highlights IBC Fri, 09 Oct 2026 10:52:59 +0530 https://www.taxtmi.com/highlights?id=104715