Supreme Court of India
K. Srinivasa Rao v. The Govt. of A.P.
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What the Court ordered
We hold : i) that no insolvency notice can be issued under Section 9(2) of the Presidency Towns Insolvency Act, 1909 on the basis of an Arbitration Award; ii) that execution proceedings in respect of the award cannot be proceeded with in view of the statutory stay under Section 22 of the SICA Act.
Judgment, page 15
From the headnote
Order of BIFR rejecting the reference of Company was passed on 05.04.2002. On 14.06.2002, Insolvency notice was served on the appellant. An appeal filed by the said Company is presently under consideration by the Appellate Authority on Industrial and Financial Reconstruction (’AAIFR’). The appellant filed a Notice of Motion No.72 of 2002 in the High Court challenging the Insolvency Notice dated 16th January, 2002. When the above Notice of Motion came up for hearing the Learned Single Judge (Dr. Chandrachud,J.) hearing the same differed with the view expressed by the High Court (J. .
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