Disposed

Inder Sukhramdas Gidwani v. Vinchi Brothers and Co. and Others

Bombay HC3 Dec 2014NMIS/60/2014

Case brief

AI extract

What is this about?

High Court disposed of multiple joint motions in an insolvency matter. Ordered insolvent to hand over premises to creditors and arrange a shared license income mechanism for three years. Directed expedited disposal of related suit No.227/255 of 2007 within 18 months.

What did the court decide?

Premises handed over to creditors; leave and license agreement shared between insolvent and Vidyalaya for 3 years; related suit to be disposed of in 18 months.

Inder Sukhramdas Gidwani Vs Vinchi Brothers and Co. and… — Company and Corporate | Bombay HC (2014)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN INSOLVENCY

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CONTEMPT PETITION NO.1 OF 2014 IN

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NOTICE OF MOTION NO.6 OF 2013 IN

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INSOLVENCY PETITION NO.73 OF 1983

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Ajay Ketsey Sampat … Petitioner versus Shree Mahavir Jaina Vidyalaya and Ors. … Contemnors and The Official Assignee, High Court … Respondent

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WITH

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NOTICE OF MOTION (L) NO.2 OF 2014 IN

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INSOLVENCY PETITION NO.73 OF 1983

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Vinod Zaverchand Vasa and	…	Applicant
Vinchhi Brothers and Co. and Ors. and	…	Insolvent
Indur Sukhramdas Gidwani	…	Petitioning Creditor
versus
Ajay Ketsey Sampat and Ors.	…	Respondents

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WITH NOTICE OF MOTION (L) NO.7 OF 2014 IN

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INSOLVENCY PETITION NO.73 OF 1983

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Vinod Zaverchand Vasa and	…	Applicant
Vinchhi Brothers and Co. versus	…	Insolvent
Ajay Ketsey Sampat and Ors. and	…	Respondents
Shree Mahavira Jaina Vidyalaya and Ors.	…	Applicants

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WITH

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NOTICE OF MOTION NO.47 OF 2014

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INSOLVENCY PETITION NO.73 OF 1983

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Shree Mahavir Jaina Vidyalaya and Ors. … Applicants and Vinchhi Brothers and Co. and Ors. … Insolvents and Indur Sukhramdas Gidwani … Petitioning Creditor and The Official Assignee, Bombay … Respondent

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Mr. Rajesh Patil i/by Mr. D.P.Dighe, for Petitioner. Mr. Akshay Patil i/by Mr. S.K.Paranjpe, for Respondent.

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Mr. Zal Andhyarujina with Mr. Parag Sharma i/by M/s. Udwadia Udeshi and Argus Partners, for Respondent No.6. Mr. Cyrus Ardeshir i/by Mr. A.P.Bagwe, for Insolvent Nos.1 and 3. Ms. V.S.Avasare, 1^st Asstt. to Official Assignee, present.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 3^rd DECEMBER, 2014

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P.C.:

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Heard the learned Advocates for the parties and by consent, the

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following order is passed :

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(i) The premises namely Shop No.5, Ground Floor, Devkaran Mansion Building No.1, 79-C, Shamaldas Gandhi Marg, Princess Street, Mumbai – 400 002, shall remain in occupation and possession of M/s. Vinchhi Brothers.

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(ii) The possession of the said premises which is at present with Mr.

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Ajay Sampat, shall be forthwith handed over to Mr. Ramesh Vinchhi of M/s. Vinchhi Brothers and Co.

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(iii) M/s. Vinchhi Brothers and Co. shall give the said premises on leave and license basis for a period of three years to a third party.

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(iv) Before entering into any leave and license agreement, M/s. Vinchhi Brothers and Co., shall forward all particulars of the proposed license along with proposed license fee, which the licensee is agreeable to pay to Shree Mahavir Jaina Vidyalaya and in the event of Shree Mahavir Jaina Vidyalaya being able to bring another licensee within a period of 15 days from the date of receipt of the notice and such licensee is willing to pay a sum of Rs.5,000/- more than the license fee offered by the proposed licensee of Vinchhi Brothers and Co., the license agreement shall be entered into by M/s. Vinchhi Brothers and Co., with the proposed licensee recommended by Shree Mahavir Jaina Vidyalaya.

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(v) This arrangement shall continue for a period of three years and thereafter, the said premises shall be dealt with in accordance with the decree passed by the Small Causes Court, Bombay in T.E. and R Suit No.227/255 of 2007 and the final orders obtained therein.

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(vi) The Small Causes Court, Bombay shall dispose off the said T.E. and R. Suit No.227/255 of 2007 within a period of 18 months from the date of

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this order.

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(vii)The parties shall on 09-12-2014 appear before the Small Causes Court, Bombay, and obtain necessary directions in the matter.

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(viii) The Respondent No.7 in the Contempt Petition Mr. Vinod Z.

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Vasa shall be at liberty to file an Application for intervention/impleadment to the said Suit No.227/255 of 2007. If such an application is filed within two weeks from the date of this order, the same shall be decided within eight weeks on its own merits including maintainability, from the date of its filing.

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(ix) Clauses Nos. (f) and (h) of paragraph No.11 of the order dated 02-07-2013 is accordingly modified.

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(x) The license fee received from the proposed licensee shall be paid by the licensee to Vinchhi Brothers and Co., and Shree Mahavir Jaina Vidyalaya in equal proportion.

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(xi) It is clarified that this order is passed without prejudice to the rights and contentions of all the parties.

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(xii)The above Contempt Petition No.1 of 2014 along with Notice of Motion (L) No.2 of 2014, Notice of Motion (L) No.7 of 2014 and Notice of Motion No.47 of 2014 accordingly stand disposed of.

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( S.J.KATHAWALLA, J. )

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Inder Sukhramdas Gidwani v. Vinchi Brothers and Co. and Others

Case brief

What is this about?

What did the court decide?

Inder Sukhramdas Gidwani v. Vinchi Brothers and Co. and Others

Case brief

What is this about?

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