ORDER :- Aggrieved by the Insolvency Notice 39 of 2001 issued under S. 9(2) of the Presidency Towns Insolvency Act (III of 1909), T.T.V. Dhinakaran, applicant herein, has filed Application No. 177 of 2001 to set aside the said Notice.

2. Enforcement Directorate (Foreign Exchange Regulation Act - now FEMA) through its Deputy Director, Shastri Bhavan, Chennai-6 - petitioning creditor has filed Insolvency notice No. 39 of 2001 before this Court for issuance of Insolvency Notice to T.T.V. Dhinakaran, Chennai-20 under S. 9(2) of the Presidency Towns Insolvency Act and Form No. 14-A of the Insolvency Rules. In the affidavit filed in support of the above Notice, the Deputy Director of the petitioning creditor has stated that it has obtained an order in F.No. T.3/22-D/95 (32)on the file of the Special Director, Enforcement Directorate (Foreign Exchange Regulation Act - now FEMA) at New Delhi on 6-2-98, for a sum of Rs. 31 Crores, towards payment of penalties, which was subsequently modified to a sum of Rs. 28 crores by the order dated 5-5-2000 in Appeal No. 51 of 1998, on the file of the Foreign Exchange Regulation Appellate Board, New Delhi. Against the aforesaid order of the FERA Board, t

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