Allowed

M/s.Otarmal Kantilal and Co. v. Tabassum Abdullah Motorwala

Bombay HC7 Apr 2015NMIS/13/2015

Case brief

AI extract

What is this about?

The court annulled the order of adjudication declaring the applicant insolvent, as the sole creditor's claim was settled by a well-wisher. The examination was dispensed with, subject to an undertaking regarding future claims and commission deduction.

What did the court decide?

The order of adjudication dated 5th March, 2013 was annulled and the public and private examination was dispensed with, subject to the filing of an undertaking-cum-indemnity bond.

M/s.Otarmal Kantilal and Co. Vs Tabassum Abdullah… — Insolvency and Bankruptcy | Bombay HC (2015)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO. 13 OF 2015 IN

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INSOLVENCY PETITION NO. 17 OF 2012

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Re: Tabassum Abdullah Motorwala … Applicant/Insolvent

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M/s.Otarmal Kantilal & Co. ...Petitioning Creditor

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Miss Shweta Jain with Tushar Goradia, Advocate for the Petitioning Creditor. Miss Minal Lodaya, Advocate for the Applicant/Insolvent. Shri M.D.Narvekar, Official Assignee, present.

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CORAM: S.J.KATHAWALLA, J. DATE: 7^th APRIL, 2015.

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P.C.:

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This Notice of Motion is taken out by the Insolvent for annulment

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of the Order of Adjudication that was passed on 5^th March, 2013, declaring him as Insolvent.

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Miss Lodaya, Ld.Advocate for the Insolvent, states that the Petitioning Creditor is the only creditor of the Insolvent and the claim of the Petitioning Creditor has been duly settled by the well-wisher of the Insolvent.

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Miss Shweta Jain, Ld.Advocate for the Petitioning Creditor is present in the Court. She submits that the claim of her client has been duly satisfied by the well-wisher of the Insolvent.

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The Official Assignee states that apart from the claim of the Petitioning Creditor whose name is set out in the Schedule of Assets and liabilities of the Insolvent, there is no claim which is received by the Office of

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the Official Assignee and since the claim of the Petitioning Creditor has been settled, there are no claims which are pending with the Office of the Official Assignee.

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In view of the above, the Notice of Motion is made absolute in terms of prayers (a) and (b) subject to the well-wisher filing an Undertaking-cum-Indemnity Bond with the Official Assignee undertaking to pay any claim of any creditors payable as on date of this Order but lodged subsequently with the Official Assignee.

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However, the Official Assignee is authorised to deduct the Commission as per the Rules of the Bombay Insolvency Rules, 1910 and the well-wisher of the Applicant/Insolvent undertakes to pay the same.

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Prayers (a) and (b) are reproduced hereunder for ready

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reference:

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“(a) Order of Adjudication dated 5^th March, 2013 passed in Insolvency Petition No. 17 of 2012 against the Insolvent abovenamed, be annulled under the provisions of Section 21 of the Presidency Towns Insolvency Act on the ground of full payment;

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(b) that public and private examination of the Insolvent be dispensed with.”

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The above Notice of Motion is accordingly disposed of.

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( S.J.KATHAWALLA, J. )

M/s.Otarmal Kantilal and Co. v. Tabassum Abdullah Motorwala

Case brief

What is this about?

What did the court decide?

M/s.Otarmal Kantilal and Co. v. Tabassum Abdullah Motorwala

Case brief

What is this about?

What did the court decide?

What the court decided

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