Briefly stated, facts are : the Punjab National Bank, Branch Station Road, Moradabad, Respondent No. 3, (in short the ‘Bank’) filed suit No. 717 of 1991 for recovery of amount against the Petitioner as well as M/s. Shivalik International and others. The Suit was decreed on 10-2-1992 for Rs. 20,72,000/-. The Petitioner filed an Insolvency Petition before respondent No. 2 for declaring insolvent with the allegation that Rs. 20,72,000/- is due to Punjab National Bank. He has 1/72 share in the house situated in Seohara Town, District Bijnor, the value of which is hardly Rs. 1000/- and his wearing clothes and other assets are valued at Rs. 2000/-. The bank raised an objection that insolvency petition is not maintainable against the bank in view of Section 8 of the Provincial Insolvency Act, 1920 (the Act for short) Which reads as under : “Section 8 : Exemptions of corporation etc., from insolvency proceedings :— No insolvency petition shall be pres ....