APNA SAHAKARI BANK LTD Vs. PRADIP JANARDAN MANGAONKAR

JUDGEMENT

(1.) THE Petitioning creditor has invoked the provisions of The Presidency Towns Insolvency Act, 1909 (for short, the Insolvency Act).

(2.) THE basic facts are as under :

(3.) ON 8 September, 2006, the Petitioning Creditors obtained the Recovery Certificate No. 2192 of 2006, against the Debtor, for Rs. 6,83,055.00, with interest thereon @ 17.5% from 1 st April, 2006 till payment. The copy of the said Recovery Certificate was served upon the Debtor, not upon the respondent who is not the original debtor.