Rajesh Nandlal Sahajwani vs Lipeeka Parulekar and Another — Bombay HC (2025) — LawSathi Research

Rajesh Nandlal Sahajwani vs Lipeeka Parulekar and Another — Bombay HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

Meeting adjourned to 2nd April, 2026 at 12.30 p.m. on the basis of a recorded settlement: the Insolvents to pay Rs.20,90,000/- (Rupees Twenty Lakhs Ninety Thousand Only) till 31st March, 2026, beginning with Rs.5,00,000/- (Rupees Five Lakhs Only) on 20th November, 2025 through a well-wisher; the Insolvent further directed to submit her original passport within a week.

Issue for consideration

Private examination of Insolvent No. 1 (Lipeeka Parulekar) touching her estate and affairs, covering residence, occupation and income, assets and encumbrances, bank accounts and identity documents. +1 more

Court's answer

The Insolvent is directed to submit her original passport in the Office within a week.

Ratio / Principle

In view of the settlement arrived at between the Insolvents and the Petitioning Creditor, and at the request of both Advocates, the meeting stands adjourned to 2nd April, 2026 at 12.30 p.m.

Key takeaways

Recorded that the Insolvents are agreeable to a settlement of Rs.20,90,000/- (Rupees Twenty Lakhs Ninety Thousand Only) payable till 31st March, 2026, with an initial payment of Rs.5,00,000/- (Rupees Five Lakhs Only) on 20th November, 2025 through a well-wisher and the remainder by 31st March, 2026.ratio¶88
The Insolvent is directed to submit the documents regarding the Skyper Tower flat and the mortgage documents.ratio¶38
The Insolvent is directed to submit her original bank passbook, chequebook and debit card in the Office.ratio

Detailed headnote1 paragraphs

Minutes of an adjourned meeting for the private examination of the Insolvents touching their estate and affairs in Insolvency Petition No. 8 of 2024 (Lipeeka Parulekar and Niteen Parulekar; act of insolvency 25.04.2024; petition 14.05.2024; adjudication 06.05.2025), held before Mrs. Chandan J. Bhatt, Official Assignee, High Court, Bombay, on 07.10.2025, both Insolvents present. Insolvent No. 1, Lipeeka Nitin Parulekar (aged 56; d.o.b. 23.01.1969), examined on solemn affirmation: resides at 11/11th Floor, Skyper Tower, Pali Market Road, Bandra (W), Mumbai 400 050 with her husband Nitin Parulekar (Insolvent No. 2); the flat is owned jointly in both their names and is mortgaged with State Bank of India, Bandra Branch; she practices as a Doctor from home with stated monthly earnings of 1.5 lakhs; she has a savings account with Bassein Catholic Bank Ltd, Bandra, and a closed SBI account; she holds a passport, driving licence and Aadhar card; the Silver Pearl premises was stated to be the husband's office. During the examination the parties arrived at a settlement of Rs.20,90,000/- (Rupees Twenty Lakhs Ninety Thousand Only) payable till 31.03.2026, with an initial payment of Rs.5,00,000/- on 20.11.2025 through a well-wisher; the Petitioning Creditor's advocate stated that on default in the initial payment she may apply to the Official Assignee for the private-examination process afresh. Per O.A.: the meeting stood adjourned to 02.04.2026 at 12.30 p.m.; the Insolvent was directed to submit her original passport within a week, along with the flat/mortgage documents, driving licence, Aadhar card copy and bank passbook/chequebook/debit card, and was cautioned that as an adjudicated Insolvent she cannot practise as a Doctor without permission of the Hon'ble High Court.

Before: Mrs. Chandan J. Bhatt Official Assignee, High Court,Bombay Date: 7^th October, 2025 at 12.30 p.m.

Re: 1) Lipeeka Parulekar 2) Niteen Parulekar Insolvency Petition No. 8 of 2024 Date of Act of Insolvency… 25.04.2024 Date of Petition … 14.05.2024 Date of Order of Adjudn … 06.05.2025 ------------------------------------------------------------------------------------------

Insolvent No. 1 : Present Insolvent No. 2 : Present

Advocate for the Insolvents: Ms. Kruti Bhavsar a/w. Shri. Pratik Barot Shri. Nandlal Sahajwani, Constituted Attorney of the Petitioning Creditor. Advocate for the Petitioning Creditor: Ms. Kavita Lalwani

This is an adjourned meeting fixed for the private examination

of the Insolvents touching their estate and affairs.

INSOLVENT No. 1 LIPEEKA PARULEKAR, AGED 56 YEARS ON SOLEMN AFFIRMATION STATES AS UNDER:

Q. 1 What is your name?

Ans. I say that, my full name is Lipeeka Nitin Parulekar.

Q. 2 Are you known by any other name or alias?

Ans. I say that, I am not known by any other name or alias.

Q. 3 How old are you? What is your Date of Birth?

Ans. I say that, I am 56 years old. My date of birth is 23^rd January,

: 2 :

Q. 4 Where do you reside?

Ans. I say that, I am residing at 11/11^th Floor, Skyper Tower, Pali Market Road, Bandra (W), Mumbai 400 050.

Q. 5 Are you aware that you have been adjudicated as an Insolvent

in this matter?

Ans. I say that, I come to know now that I have been adjudicated as an Insolvent in this matter.

Q. 6 Who else are residing with you at the abovementioned

address?

Ans. I say that, my husband Nitin Parulekar (Insolvent No. 2) is

residing with me.

Q. 7 What do you do for your livelihood?

Ans. I am working as a Doctor.

Q. 8 Where do you do practice as a Doctor?

Ans. I do practice as a Doctor in Bandra.

Q. 9 Where is your clinic?

Ans, From house itself i.e. 11/11^th Floor, Skyper Tower, Pali Market

Road, Bandra (W), Mumbai 400 050, I am practicing as a Doctor.

: 3 :

Q. 10 What is business address viz. 203, 2^nd Floor, Silver Pearl, The

Bandra Panchsheel CHS, Water Filed Road, Opp. China Gate Hotel, Bandra (W), Mumbai 50?

Ans. I say that, the abovementioned premise is a husband’s Office.

Q. 11 Whether the premises situated at Skyper Tower is on rental or ownership and standing in whose name?

Ans. I say that, it is an ownership premises, standing in the name of myself as well as my husband’s name (Insolvent No. 2 herein). At present, the said house is mortgaged with State Bank of India, Bandra Branch, Mumbai.

(Insolvent is directed to submit the documents regarding this

flat and mortgaged documents.)

(Insolvent is made aware that being declared as an Insolvent,

you cannot practice as a Doctor. For practicing as a Doctor, Insolvent must obtain permission of the Hon’ble High Court.)

Q. 12 How many children you have?

Ans. I say that, I have 2 daughters viz. Ms. Nishuti Nitin Parulekar,

aged 28 years and the younger daughter’s name is Ms. Noyonika Nitin

Parulekar, aged 22 years. They both are studying.

Q. 13 Are you parents alive?

Ans. I say that, Yes, my parents are alive. My Father’s name is

: 4 :

Dr. Radhikamohan Adhikari, aged 90 years and my mother’s name is Mrs.

Gitanjali Adhikari, aged 76 years.

Q. 14 Do you have passport?

Ans. I say that, I have a passport.

(Insolvent is directed to submit original passport in this

Office.)

(Requisition accordingly.)

Q. 15 Do you have driving license?

Ans. I say that, I have a driving license.

(Insolvent is directed to submit original Driving License in

this Office.)

(Requisition accordingly.)

Q. 16 Do you have Aadhar Card?

Ans. I say that, Yes, I have Aadhar Card.

(Insolvent is directed to submit the photocopy of the Aadhar

Card in this Office.)

(Requisition accordingly.)

Q. 17 Do you have bank account?

Ans. I say that, Yes, I have a Saving Bank Account in Bassein

Catholic Bank Ltd, Bandra. I do not recollect the account number, I will

: 5 :

submit the documents before next date of the meeting.

(Insolvent is directed to submit her original bank passbook,

Chequebook, Debit Card in this Office.)

(Requisition accordingly.)

Q. 18 Do you have any other bank account except in Basin Catholic

Bank?

Ans. Yes, I had a bank account with SBI, but it is now closed. I do

not recollect, I may be having other account too, I will verify and inform on the next date.

Q. 19 By practicing as a Doctor, how much do you earn monthly?

Ans. I say that, I earns monthly 1.5 lakhs.

Q. 20 Do you have any Post Office Saving Account?

Ans. No.

Q. 21 Do you have PPF Account?

Ans. No.

Q. 22 Have you deposited amount in any bond or shares?

Ans. No.

: 6 :

After private examination started, Insolvents got ready to settle

the matter. After long discussion, Advocate for the Insolvent as well as Petitioning Creditor submits that, they have arrived at settlement at Rs.20,90,000/- (Rupees Twenty Lakhs Ninety Thousand Only). Insolvents are agreeable to the said settlement and will pay that amount till 31^st March, 2026. Insolvent through well-wisher will pay initially Rs.5,00,000/(Rupees Five Lakhs Only) on 20^th November, 2025 and rest of the amount will be paid by 31^st March, 2026.

Learned Advocate for the Petitioning Creditor submits that, in case any default in payment of Rs.5,00,000/- (Rupees Five Lakhs Only) arise, she may apply to the Official Assignee for process of private examination again.

Per O.A.:

In view of the above and at the request of both the Advocates, meeting stands adjourned to 2^nd April, 2026 at 12.30 p.m.

Insolvent is directed to submit the Original Passport within a

week in this Office.

Chandan J. Bhatt Official Assignee

MAS/CJB /home/ubuntu/Desktop/Minutes of OA/INPT 8 OF 2024 Lipeeka Parulekar and Anr.doc