Supreme Court Dismisses Creditor-Bank's Appeal in Insolvency Notice Case — Recovery Certificate Issued by DRT Cannot Form Basis for Insolvency Notice under Section 9(2) of Presidency Towns Insolvency Act, 1909. The Court Holds That Term 'Decree or Order' in Section 9(2) Must Be Strictly Construed to Exclude Recovery Certificates as the Insolvency Act Carries Grave Civil Consequences and Insolvency Notice Is Not a Mode of Execution....
The dispute arose from an attempt by a creditor-bank to initiate insolvency proceedings against a guarantor director based on a recovery certificate issued by the Debt Recovery Tribunal under the Reco...
