1. This is an Application seeking to set aside the Insolvency Notice issued in I.N. No. 11 of 2009.

2. I have heard Mr. Vineeth Subramani, learned Counsel for the Applicants and Mr. Om Prakash, learned Counsel for the Respondent.

3. The Respondent-Bank filed the Application in I.N. No.11 of 2009, seeking the issue of Insolvency Notice to the Applicants herein in terms of Section 9(2) of the Presidency Towns Insolvency Act, 1909. It is the contention of the Respondent-Bank in the said Application that two companies by name Green Gardens Pvt. Ltd. and Gemini Arts Pvt. Ltd., in which the Applicants herein are the Direction, were enjoying credit facilities with M/s. Ind Bank Housing Limited. As Directors of the borrower companies, the Applicants stood as guarantors for the facilities availed by the companies. Ind Bank Housing Limited filed Civil suits in C.S. Nos. 33 & 52 of 1999 on the file of this Court for recovery of the outstanding dues. Subsequently6, Ind Bank Housing Limited assigned the debts due from the said companies, in favour of the Respondent-Bank, in and by virtue of a Deed of Assignment dated 13.10.2006. Therefore, the Respondent-Bank got substituted as the