In an insolvency proceeding, the Official Assignee sought directions to close certain Fixed Deposit Receipts and deposit 50% of the amounts with the Assignee representing the insolvent's share. The court granted the prayer for deposit.
Direction to deposit 50% of the Fixed Deposit amount and accrued interest with the Official Assignee.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
18.OAR.9.19 in INPT.22.16.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION
OFFICIAL ASSIGNEE’S REPORT NO. 9 OF 2019 IN
INSOLVENCY PETITION NO. 22 OF 2016
Re. Prakash Ramji Thakkar ... Insolvent Ex-parte: Premji N. Thakkar (H.U.F.) ... Petitioning Creditor
Ms. Achala Hatode i/b S.K. Jain of S.K. Jain and Associates 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 In this report the Official Assignee has sought directions from
this Court as to the closure of the Fixed Deposit Receipt numbers
mentioned in prayer clauses (a) and (b) of the report and as set out in prayer clause (b) for deposit of 50% of the amount of the Fixed Deposits
which is the share of the Insolvent in the Fixed Deposit Receipts together
with accrued interest thereon with the Official Assignee.
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Waghmare
18.OAR.9.19 in INPT.22.16.doc
2 Considering that the insolvent’s share is 50% of the Fixed
Deposit, it would be appropriate to grant prayer clause (b) of the Official Assignee’s Report.
3 Accordingly, Official Assignee’s Report is disposed of in terms of prayer clause (b).
(R.I. CHAGLA, J.)
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Waghmare
2 issues framed by the court
Whether to direct the closure of specific Fixed Deposit Receipts in the insolvency proceedings.
Whether to direct the deposit of 50% of the Fixed Deposit amount and accrued interest with the Official Assignee.
Offiicial Assignee
Prakash Ramji Thakkar
R.I. CHAGLA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
