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Jitendra Honnaya Bangera Represented through Prakash Chhabria, Power of Attorney Holder v. Suresh Punjabi

Bombay HC17 Nov 2015INPT/12/2015

Case brief

AI extract

What is this about?

In an insolvency petition, the High Court declared the respondent debtor insolvent after he failed to reply to the petitioner's statutory demand, confirming he had no means to repay a Rs.2 lakh debt and exhausted the amount.

What did the court decide?

The petitioner is declared an insolvent accordingly. The petition is disposed of.

Jitendra Honnaya Bangera Represented through… — Insolvency and Bankruptcy | Bombay HC (2015)

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32.inpt.92.2015.doc

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION

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INSOLVENCY PETITION NO. 12 OF 2015

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Jitendra Honnaya Bangera represented through Prakash Chhabria Power of Attorney

.. Petitioner

Vs.

Suresh Punjabi

.. Respondent

Ms.Lopa M. Joshi for petitioning creditor. Ms.Archana Jaisingh for debtor.

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CORAM : K.R.SHRIRAM, J. DATE : 17^TH NOVEMBER, 2015

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P.C.

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1 This petition is filed by this petitioner to declare the debtor as an insolvent.

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2 The petitioner had given a loan of Rs.2 lakhs on 17.03.2013 to the debtor as he was in need of financial help. The debtor had assured that the amount will be repaid within three months and had also executed a promissory note in which the debtor committed to repay an amount of Rs.2 lakhs along with interest at the rate of 12% per annum within three months.

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3 As the debtor did not repay the amount, the petitioner called upon the debtor orally on quite a few occasions and finally by a letter dated

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Shraddha Talekar PA

32.inpt.92.2015.doc

1.04.2015. By the said letter, the petitioner called upon the debtor to repay the amount of Rs.2 lakhs with interest at 12% per annum. The interest as on 1.03.2015 had accumulated about to Rs.48,000/-. In reply, the debtor, by his letter dated 10.04.2015, has categorically informed the petitioner that he has no source of income and is dependent on his family members for living. He has also stated that he has exhausted the loan amount of Rs. 2 lakhs and has no means to repay the said amount.

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4 The counsel appearing for the debtor confirms having received a copy of the petition way-back in August 2015, i.e., more than three months and no reply has been filed. The counsel is not even able to make any offer as to how this amount is going to be repaid. In the circumstances, it is quite clear that the judgement debtor has committed an act of insolvency under Section 9(1)(g) of The Presidency-Towns Insolvency Act, 1909. It is, therefore, just and equitable that the debtor is adjudged as insolvent. The judgement debtor-Suresh Nathurmal Punjabi is, therefore, declared as insolvent.

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5 The petition is accordingly disposed.

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Shraddha Talekar PA

Jitendra Honnaya Bangera Represented through Prakash Chhabria, Power of Attorney Holder v. Suresh Punjabi

Case brief

What is this about?

What did the court decide?

Jitendra Honnaya Bangera Represented through Prakash Chhabria, Power of Attorney Holder v. Suresh Punjabi

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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