Disposed

M/S.Acg Associated Capsules P.Ltd. v. Purnendu Shekharmal Jain

Bombay HC5 Nov 2019INPT/3/2018

Case brief

AI extract

What is this about?

This is an ex-parte hearing on an insolvency petition. The debtor failed to pay the reserved sum of Rs. 8 Lakhs directed by the court, thereby triggering Clause 9 of the consent terms. The petitioner invoked the clause to make the petition absolute regarding adjudication and costs.

What did the court decide?

The Insolvency Petition is made absolute in terms of prayer clauses (a) and (b) for adjudication and costs.

M/S.Acg Associated Capsules P.Ltd. Vs Purnendu… — Insolvency and Bankruptcy | Bombay HC (2019)

¶1

932 inpt 3 of 2018.odt

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INSOLVENCY PETITION NO.3 OF 2018

¶3

Re :

¶4

Purnendu Shekharmal Jain

¶5

…Insolvent

¶6

Ex-Parte :
…
M/s. ACG Associated Capsules P. Ltd. Petitioning Creditor

¶7

Ms. Urushali U. Kabre, for Petitioning Creditor.
Mr. Ramesh C. Jain, for Respondent.
Mr. S.R.Paranjpe, Insolvency Registrar, present.

¶8

CORAM: S.J. KATHAWALLA, J.

¶9

DATE: 5th NOVEMBER, 2019

¶10

P.C.:

¶11

1.On 18th September, 2018 consent terms were executed by and between the

¶12

Petitioning Creditor and the debtor Mr. Jain, who was one of the directors of Ankur
Drugs and Pharma Ltd., now in liquidation. By the said consent terms, Mr. Jain
agreed to pay balance interest of Rs.32,08,590/- in four equal monthly installments of
Rs.8,02,160/- on or before 31st December, 2018, 31st January, 2019, 28th February, 2019
and 31st March, 2019 and Rs.4,88,678/- towards interest @ 9% per annum on the claim
amount of Rs.48,12,910/- on or before 30th April, 2019. Except for making the
payment of Rs.8,02,160/- on 31st December, 2018, in the last 10 months, the debtor
has failed to make any payment to the Petitioning Creditor. Clause 9 of the Consent
Terms provides as follows :

¶13

1/3

¶14

ssp

¶15

932 inpt 3 of 2018.odt

¶16

“9.If the debtor abovenamed commits any default in payment of the
monthly installments and in payment of interest thereon in the above
manner on the scheduled dates and/or cheques issued by the Debtor as a
security against the repayment, dishonors for any reason, the present
Insolvency Petition will become absolute in terms of prayer clause (a) and
(b) without any further reference to the Hon’ble Court and the Debtor
will be liable to pay further interest @ 18% per annum on the balance
amount due from the date of such default.”

¶17

2.I am informed that on 15th October, 2019 the Court hearing the insolvency
matters had adjourned the matter upto today i.e. 5th November, 2019 and had directed
the debtor to at least pay an amount of Rs.8 Lakhs by today. However, the debtor has
failed and neglected to pay the said amount. He is not present in Court and upon
enquiry by the Court, his Advocate states that he is at Himachal Pradesh to attend
some wedding/personal work. In view thereof, the question of granting any further
time to the debtor to make any payment does not arise. Paragraph 9 of the consent
terms has come into efect. The Insolvency Petition is made absolute in terms of
prayer clauses (a) and (b) which are reproduced hereunder :

¶18

“(a)an order of adjudication be passed by this Hon’ble Court against the Judgment Debtor abovenamed;

¶19

(b)for costs of this Petition and costs incidental and consequential
thereto;”

¶20

2/3

¶21

ssp

¶22

932 inpt 3 of 2018.odt

¶23

3. The Ofcial Assignee shall take appropriate steps in the matter.

¶24

( S.J.KATHAWALLA, J. )

¶25

3/3

¶26

ssp

M/S.Acg Associated Capsules P.Ltd. v. Purnendu Shekharmal Jain

Case brief

What is this about?

What did the court decide?

M/S.Acg Associated Capsules P.Ltd. v. Purnendu Shekharmal Jain

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

Similar cases

Vanita Baliiram Patil Vs Smt.Nagarbai Vasudeo Patil

Vanita Baliiram Patil Vs Smt.Nagarbai Vasudeo Patil

Vanita Baliiram Patil Vs Smt.Nagarbai Vasudeo Patil

M/S. Otarmal Kantilal and Co., Vs Maya Pankaj Patel and Bharti K. Joshi

Smt.Sushila C. Mehta Vs D. G.Joshi and Ms.Neha B. Vakani, Applicant

Mr.Bhanudas Eknath Jadhav Vs Mrs.Saraswati Rochiram Jagwani