K. SRINIVASA RAO vs THE GOVT. OF A.P.

The Supreme Court addressed whether an arbitration award qualifies as a 'decree' under Section 9(2) of the Presidency Towns Insolvency Act, 1909. The Court held that an arbitration award does constitute a decree for the purposes of the Insolvency Act, thereby allowing an insolvency notice to be issued based on such an award. This decision overturned the previous view expressed in Srivastava v. K.K. Modi Investments and Financial Services, affirming the Division Bench's ruling of the Bombay High Court.