DHARAMCHAND DHTMAN Vs. OM PROKASH MOHTA

JUDGEMENT

(1.) THIS appeal is directed against an adjudication order made by A. N. Ray J. in insolvency jurisdiction. The petitioning creditor, who is the respondent before us, obtain ed a consent decree against the appellant Dharamchand Dhiman, d. C. Dhiman, and Brothers Private Limited and others in Suit No. 543 of 1. 961. Among the terms of consent decree, clauses (d)and (e) are of relevance to the appeal. They are :-

(2.) IT may be stated at once that the defendant No. 6 is Steel Equipment and construction Private Ltd.

(3.) IT was contended before us, as it was contended before the learned trial judge, that the petitioning creditor is a secured creditor and, therefore, not having relinquished his security for the benefit of the creditors he is not entitled to an adjudication order having regard to bee. 12 of the Presidency Towns In solvency Act. The term 'secured creditor' is defined in section 2 (g) of the presidency Towns Insolvency Act as follows:-