Bombay High Court Dismisses Insolvency Petition Against Debtor: Substituted Creditor's Claim Time-Barred on Date of Substitution. The court held that an insolvency petition is maintainable only if the claim of the substituted petitioning creditor is not barred by limitation as on the date he is substituted, regardless of the date of act of insolvency....
The matter involved an insolvency petition filed under the Presidency Towns Insolvency Act, 1909 by the original petitioning creditor against the debtor. After the original creditor's claim and that o...
