V. (EVER; KUIViAR_._.ADVOCATE}
I
INTTHEHKH{COURT(M'KARNATAKA,BANGADORET
DATED THIS THE 16TH DAY OF SERrEMBERD,.§2DOSDj'g. 2 H
PRESENT
THE HONBLE MR. JUSTICE
AND
THE HONBLE MR. J{.1éTICE .H.EILDAEP2a ‘
1VE.F.A,,– No. 52S-.1I.”t_3E’2Q0A ” ‘
BEFNEENP
SR1 C.S. vEiNUSQPAL,. 1;; .
S/0. LATE S1JEE:ARA1’Aw”;– ~-
AGED .ABOU.’Fi59 YEAR’S,_”—
R/0. #112, 2NDMA:N«,.%
RAIVIAMURTHY NAGAjR,_ _ ‘
BANGALORE » 550-0 15.
= ~ A ‘ APPELANT
VESé§Qk*DE
2;; EDRDSKONG AND SHANGHAI BANKING
=.__CORPOfRATiON LIMITED,
REPRESENTED BY CEO,
M..Cu’ROAD,
‘ * BANGALORE M 560 00;.
“CITY BANK N.A.,
REPRESENTED BY SENIOR MANAGER.
PRESTIGE TOWERS,
M.G.R0AD,
BANGALORE — 550 001.
%/
3. The close reading of the above provision
discloses that the said provision is applicable to vc1ied’itors’
petition filed U/s 7 of the Provincial insolvency”‘Act.’__l__ilQ2VO;.
The rationale behind Section 8 is tha..t,lV_A4_”i.nVitcase it
Corporations, companies etc., which arejaristiic persons!
relief is one for winding up, The ‘pro’irisions..”.iQf.”Sectionw
applies only in case Where the.:creditor” files ..a petition for
declaration of insolvency. ” debtor being
Corporation or Company -i.etc’.l;*the have to seek
relief ‘i’h’e””creditors can file insolvent
petitiorigagainst only when the debtor is a
biological Vxp’erhsonV.’ :_ A
~1~.¢_V” triai Court has totally misread the
provisiovnslofSection 8 of the Act. Section 8 makes it very
clear that insolvency petition shall be presented against
2 any-._.’Corporation or against any association or company
‘relgbistered under any enactment for the time being in force.
present petition is not against the Corporation. The
petition is by the debtor against himself to declare him as
-l/