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2012 (7) TMI 870 - KERALA HIGH COURTSolveny v/s insolvency - cancellation of registration - Held that:- The very fact that a registered dealer had himself sought to be declared as an insolvent would disable that dealer from carrying on any further business which would necessarily involve money transaction and applying liquid and other assets of the dealer to the transactions in the business. That, according to us, is good and sufficient reason for cancellation of registration. The question of law regarding whether the filing of an insolvency petition by the debtor/dealer himself would disentitle the debtor/dealer from carrying on the business and having continued registration; has to be answered against the dealer and in favour of the Revenue. At this stage the petitioner has withdrawn the application to be adjudged as insolvent. It is for the petitioner to work out his remedies and apply for fresh registration or renewal of registration in accordance with law. Revision petition rejected.
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