The high court allowed the annulment of an insolvency order based on full payment. The deposited amount was permitted for official administrative expenses.
Annulment of order of adjudication of insolvency; deposit allowed for office administrative expenses.
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10.NMIS.19.19 in INPT.1.18.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION
NOTICE OF MOTION NO. 19 OF 2019 IN
INSOLVENCY PETITION NO. 1 OF 2018
Anil Bhagwandas Budharani … Applicant/Insolvent No.2 In the matter of M/s. Radhika – Tex & Ors. … Insolvents Ex-Parte : Ramesh Kimatram Gianani … Petitioning Creditor
Mr. A.P. Bagwe for the Insolvents.
Mr. Armaan Grewal i/b N.N. Vaishnawa & Co. for the Petitioning Creditor. Mr. M.D. Narvekar, Official Assignee, present. Mr. E.B. Shivkumar, Deputy Official Assignee, present.
CORAM : R.I. CHAGLA, J. DATED : 20th AUGUST, 2019.
P.C. :
1 This Notice of Motion has been taken out for annulment of the
order of adjudication of insolvency dated 17.04.2018 on the ground of full payment. It is stated that the Applicant through their well wisher has paid
the creditor in full and final satisfaction, as well as an undertaking has
been furnished by the well wisher to the Official Assignee for payment of
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10.NMIS.19.19 in INPT.1.18.doc
such sum, if any, claimed by the creditor on or before the date of annulment of the said order of adjudication made against the Insolvent. There is no opposition to the Notice of Motion filed for annulment of the insolvency. The Petitioning Creditor also represented by the learned Counsel does not object to the Notice of Motion being allowed.
2 The Notice of Motion is accordingly made absolute in terms of prayer clauses (a) and (b).
3 The amount which has been deposited by the well wisher of insolvent which is the sum of Rs.53,433/- shall be allowed to be utilized by the Official Assignee towards his office administrative expenses.
4 Accordingly, Notice of Motion is disposed of.
(R.I. CHAGLA, J.)
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1 provisions across 1 enactments
Anil Bhagwandas Budharani
M/s. Radhika – Tex & Ors.
R.I. Chagla
As recorded by the court registry
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