Bombay High Court
In re : Surendrakumar Harkishor Jain and Elbros Textlles limited
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Headnote:PRESIDENCY TOWNS INSOLVENCY ACT, 1909.

       Sections 9, 12 and Foreign Exchange Regulation Act (46 of 1973)-Section 9-Non-resident creditor initiating proceedings against Indian Judgment debtor to have him adjudicated insolvent.

       Permission of Central Government or Reserve Bank of India under Foreign Exchange Regulation Act not obtained before filing insolvency petition. Held-Debtor can however be directed to furnish security for decreetal debt. Actual payment can be mane after receiving necessary permission.

       Section 12 and Civil Procedure Code, Order 21 Rule 15-Insolvency petition-Any one of joint creditors can maintain insolvency petition for adjudging debtor as an insolvent.

       Just as one of joint decree holder can apply for execution of the decree under Order 21 Rule 15 Civil Procedure Code, for the purpose of harmonious construction of Section 12 of the Presidency Towns Insolvency Act, anyone of a joint creditors can maintain insolvency petition.

       For Citation : 1992 Mh L.J 1446