The court annulled an order of adjudication as the insolvent fully satisfied creditor claims and undertook to pay the remaining Rs.1,000 commission. The motion was made absolute.
Notice of Motion made absolute to annul the order of adjudication; Insolvent to pay Rs.1,000 commission by 21st January 2011.
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nmis.56.10.inpt.32.03.33
kps
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
NOTICE OF MOTION NO.56 OF 2010 IN
INSOLVENCY PETITION NO.32 OF 2003
Smt.Pramila Ramesh Shah.
..Petitioning Creditor
-Versus-
Chandresh Gaurishankar Jani.
..Insolvent
None for the Petitioning Creditor. Mr.Ramesh C. Jain, for the Insolvent. Mr.Y.C.Parikh, Official Assignee, present in person.
CORAM : S.C.DHARMADHIKARI, J. DATE : 18th January, 2011.
P.C.
1 The Motion has been moved for annulment of the order of adjudication. It is submitted that after the order of adjudication was passed, the Insolvent has complied with all requirements stipulated by the Presidency Towns Insolvency Act, 1909 and the Rules. He has disclosed his schedule of assets and liabilities. As per the said schedule, he has satisfied the claims of all Creditors in full. It is stated that there are no other creditors except those set out in the schedule.
2 On a query from the Court, the Official Assignee states that all creditors have been paid in full, save and except, sum of Rs.1,000/which is stated to be commission under Rule 180 of the Rules.
3 Mr.Jain, on instructions, makes a statement that the commission of Rs.1,000/- will be paid on or before 21st January, 2011 (Friday).
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nmis.56.10.inpt.32.03.33
4 In these circumstances and finding that the requirement stipulated by Section 21(1) is satisfied, the Notice of Motion is, therefore, made absolute in terms of prayer clauses (a) and (b).
(S.C. Dharmadhikari, J)
2 issues framed by the court
Whether the insolvent's compliance with Section 21(1) by paying all creditor claims in full (plus commission) warrants annulment of the adjudication order.
Whether the pending payment of Rs.1,000 commission under Rule 180 prevents satisfaction of requirements for annulment.
2 provisions across 2 enactments
Smt. Pramila Ramesh Shah
Chandresh Gaurishankar Jani
S.C. Dharmadhikari
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
