K. Ravichandra Babu, J.

1. This Application is filed under Section 9(5) of the Presidency Towns Insolvency Act, 1909 seeking to set aside the Insolvency Notice No. 57 of 2013. The Creditors, filed the Petition under Section 9(2) of the above said Act for issuing an Insolvency Notice to the Debtor who was arrayed as the Second Respondent therein. The First Respondent therein was the Company.

2. The claim of the Creditors in I.N. No. 57 of 2013 is as follows:

"They invested a sum of Rs. 10,30,00,000/- in Lattice Bridge Infotech Private Limited by way of purchase of equity and compulsorily Convertible Cumulative Participating Preference shares. The Debtor is the Managing Director of the said Company. The investments made by the Creditors herein were systematically siphoned out of the Company by the Debtor, who was in control of the management of the said Company. The Debtor utilised the funds for his personal benefits. Therefore, the Creditors filed a Petition in C.P. No. 32 of 2010 before the Company Law Board, Chennai seeking various reliefs. During the course of the abo