Subsequently, the State Bank of India, the original creditor transferred the said debt in favour of the Kotak Mahindra Bank Limited as per the assignment deed dated 23.03.2006. Wherefore, the Debts Recovery Tribunal was approached, which also effected muttadis muttandis changes/amendments to the recovery Certificate indicating that the Kotak Mahindra Bank Limited stepped into the shoes of the State Bank of India. Thereafter, the Kotak Mahindra Bank Limited, on understanding that the debt due was not discharged by R. Swarup Reddy, resorted to issuance of Insolvency Notice dated 23.04.2009 by invoking Section 9(2) of the Presidency Towns Insolvency Act, 1909.

2. Whereupon the respondent in Insolvency Notice No.35 of 2009 filed this application with the following prayer:

“to pass an order setting aside the insolvency notice”

The whole kit and caboodle of facts and the gist and kernel of the grounds on which the said prayer was made by Swarup Reddy, could be portrayed thus:

a) Section 9 (2) of the presidency Towns Insolvency Act, 1909 (hereinafter called as “the Act”) cannot be invoked for the reason that the recovery certificate issued by the Debts Recovery Tribunal, Bangalo