Insolvency notice against the applicant was challenged on the basis of consent terms. The judgment creditor consented to allowing the motion, with Rs. 5 lakhs balance to be paid within six months. The Court allowed the notice of motion and quashed the insolvency notice.
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9-NMIS-16-2024.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
NOTICE OF MOTION NO. 16 OF 2024 IN
INSOLVENCY NOTICE NO. 11 OF 2023
MR.NANDKISHORE O. DHANUKA )...APPLICANT
IN THE MATTER BETWEEN
RE : M/S.LAMINATING AND PACKING PRODUCTS )...JUDGMENT AND OTHERS ) DEBTORS EX-PARTE : VIKAS GAURISHANKAR JHUNJHUNWALA )...JUDGMENT CREDITOR
Mr.R.A.Shaikh a/w. Ms.Ushal S. Agarwal, Advocate for the Applicant / Judgment Debtor.
Mr.Ajinkya Lokare, Advocate for the Judgment Creditor. Ms.C.J.Bhatt, Official Assignee a/w. Mr. Subodh Patil, Deputy Official Assignee and Mr.D.B.Iswalkar, 1st Assistant to Official Assignee, present in Court.
Ms.M.R.Parkar, Insolvency Registrar, present in Court. Mr.Vikas Jhunjhunwala, Judgment Creditor, present in Court. Mr.Nandkishore Dhanuka, Applicant/Judgment Debtor, present in Court.
Digitally signed by ARTI ARTI VILASKHATATE VILAS KHATATE Date:2024.12.17 20:15:34 +0530
CORAM : ABHAY AHUJA, J. DATE : 17th DECEMBER 2024
P.C. :
and submits that he has instructions to state that the Notice of Motion
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9-NMIS-16-2024.doc
be allowed in terms of prayer clause (a1) on the understanding that the balance Rs.5 lakhs would be paid within a period of six months.
and submits that a post dated cheque of Rs.5 lakhs has already been given to the Judgment Creditor.
3. Statements are accepted.
in terms of prayer clause (a) which reads thus :
“(a1) That this Hon'ble Court be pleased to quash and set aside the Insolvency Notice No.N/11 of 2023 and other proceedings initiated in pursuance of Insolvency Notice No.N/11 of 2023 in view of the Consent Terms dated 13th August 2024 entered between the Judgment Creditor (Original Plaintiff) and Judgment Debtor (Original Defendants) annexed at Exhibit C to the Affidavit-in-support of Notice of Motion.”
(ABHAY AHUJA, J.)
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1 issue framed by the court
Should Insolvency Notice No. N/11 of 2023 be quashed in view of consent terms dated 13 August 2024 between the judgment creditor and judgment debtor?
Nandkishore O. Dhanuka
Vikas Gaurishankar Jhunjhunwala
M/s. Laminating and Packing Products and Others
Abhay Ahuja
As recorded by the court registry
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