{"id":88110,"date":"2009-09-16T00:00:00","date_gmt":"2009-09-15T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/c-s-venugopal-vs-the-hongkong-and-shanghai-banking-on-16-september-2009"},"modified":"2015-03-30T21:46:10","modified_gmt":"2015-03-30T16:16:10","slug":"c-s-venugopal-vs-the-hongkong-and-shanghai-banking-on-16-september-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/c-s-venugopal-vs-the-hongkong-and-shanghai-banking-on-16-september-2009","title":{"rendered":"C S Venugopal vs The Hongkong And Shanghai Banking on 16 September, 2009"},"content":{"rendered":"<div class=\"docsource_main\">Karnataka High Court<\/div>\n<div class=\"doc_title\">C S Venugopal vs The Hongkong And Shanghai Banking on 16 September, 2009<\/div>\n<div class=\"doc_author\">Author: K.Sreedhar Rao H.Billappa<\/div>\n<pre> V.  (EVER;  KUIViAR_._.ADVOCATE}\n\nI\nINTTHEHKH{COURT(M'KARNATAKA,BANGADORET\n\nDATED THIS THE 16TH DAY OF SERrEMBERD,.\u00a72DOSDj'g. 2 H\n\nPRESENT\n\nTHE HONBLE MR. JUSTICE  <\/pre>\n<p>AND<br \/>\nTHE HONBLE MR. J{.1\u00e9TICE .H.EILDAEP2a &#8216;<br \/>\n1VE.F.A,,&#8211; No. 52S-.1I.&#8221;t_3E&#8217;2Q0A &#8221; &#8216;<\/p>\n<p>BEFNEENP<\/p>\n<p>SR1 C.S. vEiNUSQPAL,.  1;;   .\n<\/p>\n<p>S\/0. LATE S1JEE:ARA1&#8217;Aw&#8221;;&#8211; ~-<br \/>\nAGED .ABOU.&#8217;Fi59 YEAR&#8217;S,_&#8221;&#8212;<br \/>\nR\/0. #112, 2NDMA:N\u00ab,.%<br \/>\nRAIVIAMURTHY NAGAjR,_ _ &#8216;<br \/>\nBANGALORE \u00bb 550-0 15.\n<\/p>\n<p>= ~ A  &#8216; APPELANT<\/p>\n<p>VES\u00e9\u00a7Qk*DE <\/p>\n<p>2;;  EDRDSKONG AND SHANGHAI BANKING<br \/>\n=.__CORPOfRATiON LIMITED,<\/p>\n<p>REPRESENTED BY CEO,<\/p>\n<p>M..Cu&#8217;ROAD,<br \/>\n&#8216; * BANGALORE M 560 00;.\n<\/p>\n<p>&#8220;CITY BANK N.A.,<\/p>\n<p>REPRESENTED BY SENIOR MANAGER.<br \/>\nPRESTIGE TOWERS,<\/p>\n<p>M.G.R0AD,<\/p>\n<p>BANGALORE &#8212; 550 001.\n<\/p>\n<p>%\/<\/p>\n<p>3. The close reading of the above provision<\/p>\n<p>discloses that the said provision is applicable to vc1ied&#8217;itors&#8217;<\/p>\n<p>petition filed U\/s 7 of the Provincial insolvency&#8221;&#8216;Act.&#8217;__l__ilQ2VO;.<\/p>\n<p>The rationale behind Section 8 is tha..t,lV_A4_&#8221;i.nVitcase it <\/p>\n<p>Corporations, companies etc., which arejaristiic persons! <\/p>\n<p>relief is one for winding up, The &#8216;pro&#8217;irisions..&#8221;.iQf.&#8221;Sectionw <\/p>\n<p>applies only in case Where the.:creditor&#8221; files ..a petition for<\/p>\n<p>declaration of insolvency.  &#8221;  debtor being<\/p>\n<p>Corporation or Company -i.etc&#8217;.l;*the  have to seek<\/p>\n<p>relief   &#8216;i&#8217;h&#8217;e&#8221;&#8221;creditors can file insolvent<br \/>\npetitiorigagainst  only when the debtor is a<br \/>\nbiological Vxp&#8217;erhsonV.&#8217; :_ A<\/p>\n<p>  ~1~.\u00a2_V&#8221;  triai Court has totally misread the<\/p>\n<p>provisiovnslofSection 8 of the Act. Section 8 makes it very<\/p>\n<p>clear that  insolvency petition shall be presented against<\/p>\n<p>2 any-._.&#8217;Corporation or against any association or company<\/p>\n<p>&#8216;relgbistered under any enactment for the time being in force.<\/p>\n<p>  present petition is not against the Corporation. The<\/p>\n<p>petition is by the debtor against himself to declare him as<\/p>\n<p>-l\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karnataka High Court C S Venugopal vs The Hongkong And Shanghai Banking on 16 September, 2009 Author: K.Sreedhar Rao H.Billappa V. (EVER; KUIViAR_._.ADVOCATE} I INTTHEHKH{COURT(M&#8217;KARNATAKA,BANGADORET DATED THIS THE 16TH DAY OF SERrEMBERD,.\u00a72DOSDj&#8217;g. 2 H PRESENT THE HONBLE MR. JUSTICE AND THE HONBLE MR. J{.1\u00e9TICE .H.EILDAEP2a &#8216; 1VE.F.A,,&#8211; No. 52S-.1I.&#8221;t_3E&#8217;2Q0A &#8221; &#8216; BEFNEENP SR1 C.S. vEiNUSQPAL,. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-88110","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>C S Venugopal vs The Hongkong And Shanghai Banking on 16 September, 2009 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/c-s-venugopal-vs-the-hongkong-and-shanghai-banking-on-16-september-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C S Venugopal vs The Hongkong And Shanghai Banking on 16 September, 2009 - Free Judgements of Supreme Court &amp; 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