JUDGMENT: - The present Notice of Motion No.251 of 2004 has been taken out by the judgment debtor inter alia seeking relief that Insolvency Notice No.N/72 of 2004 dated 21 - 4 - 2004 taken out by the judgment creditor be set aside. Some of the material facts of the present case, briefly stated, are as under : -

2. Pursuant to an application made by the judgment creditor which is a bank to the Debt Recovery Tribunal being O.A, No.811/2000, the Debt Recovery Tribunal has passed an order and judgment dated 8.1.2003 inter alia holding that the Judgment debtor is liable to make payment to the judgment creditor of a sum of Rs.3,30,11,926 along with further interest at the rate of 15% per annum. On 3.3.2003 a recovery certificate was issued by the Debt Recovery Tribunal on the basis of the order and judgment dated 8.1:2003. The judgment creditor has on the basis of the said order and judgment of the Debt Recovery Tribunal and consequent recovery certificate issued to them made an application to this Court under section 9 of the Presidency - Towns Insolvency Act, 1909 (hereinafter referred to as "the Insolvency Act") on the ground that by virtue of non - payment of the amount

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