SRI SHYAM BIHARI RUNGTA Vs. DENA BANK

JUDGEMENT

(1.) This appeal under Section 75(2) of the Provincial Insolvency Act, 1920 ('the Act') is directed against the order dated 2.12.2003 passed by the Trial Court namely the Court of the VI Additional City Civil Judge. Bangalore, in the insolvency petition in I.C. No. 12/2001 filed by the Appellants. By the impugned order, the Trial Court has dismissed the insolvency petition as against Respondents 1, 3 & 5 in view of Section 8 of the Act.

(2.) We have heard the learned Counsel for the Appellants and perused the impugned order. The sole contention urged by the learned Counsel for the Appellants is that Section 8 of the Act would not come into play on the facts of the case and therefore, the Trial Court had erred in dismissing the insolvency petition against the Respondents referred to above by relying on Section 8 of the Act.

(3.) To examine the contention urged, it is relevant to refer to Section 8 of the Act which reads as follows: