Safecap Finance Pvt. Ltd. vs Umed Gunecha and Another — Bombay HC (2025) — LawSathi Research

Safecap Finance Pvt. Ltd. vs Umed Gunecha and Another — Bombay HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

Examination meeting adjourned to 30 September 2025 at 12.30 p.m. at the request of the Advocate for the Insolvent. Directions issued to Insolvent No. 1: not to leave the jurisdiction of the Court without prior written permission of the Official Assignee; not to carry on any business or incur any liability; not to deal with or dispose of any of his properties; to file Schedules of Assets and Liabilities on or before the next date; not to operate bank accounts and credit cards and to lodge documents relating thereto; and to sign his statement on or before the next date.

Detailed headnote1 paragraphs

Minutes of the Official Assignee (Mrs. Chandan J. Bhatt), High Court, Bombay, in Insolvency Petition No. 4 of 2025 (act of insolvency 03.01.2025; petition filed 16.01.2025 by petitioning creditor Safecap Finance Pvt Ltd; adjudication order 07.05.2025) recording the private examination of Insolvent No. 1, Umed Gunecha, held on 26.08.2025. Examined on: identity and age (55; born 06.09.1969 at Bihar); first insolvency; residence at 203/C, Basant Galaxy, Bangur Nagar, Goregaon (W), Mumbai - rental premises owned by Mr. Chandra Srinivasan; family comprising wife Mrs. Bela Gunecha (housewife, Insolvent No. 2), daughter Ms. Shreya Gunecha (30) and son Master Arham Gunecha (17); father expired 2023, mother in Banaras; native place Rajasthan with no ancestral or self-acquired property there; not working anywhere; livelihood, monthly rent and mobile bill paid by brother-in-law Mr. Sanjay Bhaturia; no immovable and no movable property; LG Wing handset on postpaid; B.Com graduate; formerly ran air-conditioner and appliances business 'M/s Cool World' from Kedia Chamber Malad, Motilal Nagar No. 2 Goregaon and Haji Habib Building Dadar (E) - all rented and closed for the last 2 years; paid income tax and sales tax; held three State Bank of India current accounts (Bangur Nagar, Malad, Dadar (E)) now closed; no joint bank accounts. Requisitions issued: copy of Rent/Leave & Licence Agreement; last paid mobile bill; last three years Income tax/Sales tax returns; original cheque book, pass book or statement of account; Registry directed to write usual letter to the Bank; Advocate Mr. Anand Pandey to file Vakalatnama. DIRECTIONS: Insolvent No. 1 (i) not to leave the Court's jurisdiction without prior written permission of the Official Assignee; (ii) not to carry on any business and not to incur any liability; (iii) not to deal with or dispose of any of his properties; (iv) to file Schedules of Assets and Liabilities before the next date; (v) not to operate bank accounts and credit cards and to lodge documents relating thereto; and to sign his statement. Meeting adjourned to 30.09.2025 at 12.30 p.m.

Before: Mrs. Chandan J. Bhatt Official Assignee, High Court,Bombay Date: 26^th August, 2025 at 12.30 p.m

Re: 1) Umed Gunecha 2) Bela Gunecha

Insolvency Petition No. 4 of 2025

Date of Act of Insolvency… 03.01.2025 Date of Petition … 16.01.2025 Date of Order of Adjudn … 07.05.2025

Insolvent No. 1: Umed Gunecha Insolvent No. 2: Bela Gunecha

Advocate for the Insolvent: Ms. Dipti Baniya i/b. Mr. Anand Pandey.

Petitioning Creditor : Shri Rajkumar Bajaj, Authorized Signatory of Safecap Finance Pvt Ltd

Advocate for the Petitioning Creditor: Ms. Kavita Lalwani

i) Today’s meeting is fixed for the private examination of the

Insolvents touching their estate and affairs.

INSOLVENT NO.1 UMED GUNECHA, AGED 55 YEARS ON SOLEMN AFFIRMATION STATES AS UNDER:

Q 1. What is your name?

Ans. My name is Umed Gunecha.

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

Ans. No. I am not known by any other name or alias.

Q 3. Do you know that you have adjudged as an Insolvent?

Ans. Yes, I am aware that I have been adjudicated as an Insolvent.

: 2 :

Q 4. Is this your first Insolvency?

Ans. Yes, this is my first Insolvency.

Q 5. How old are you? What is your Date of Birth and place of

birth?

Ans. I am 55 years old. My date of birth is 6^th September, 1969. I

was born at Bihar.

Q 6. Where do you reside?

Ans. I am residing at 203/C, Basant Galaxy, Bangur Nagar, Goregaon (W), Mumbai 400 014.

Q 7. Whether it is rental or ownership premises? Standing in whose

name?

Ans. The abovementioned premises where at present I am residing is on rental basis. Mr. Chandra Srinivasan is the owner of the said premises.

(Insolvent No. 1 is directed to furnish copy of Rent/Leave

& Licence Agreement of the said premises.)

(Requisition accordingly.)

Q. 8 Are you married? How many members are residing with you?

Ans. I am married. My wife name is Mrs. Bela Gunecha. She is

housewife. Total 4 members are staying with me. Myself, my wife, my daughter and a son. My Daughter’s name is Ms. Shreya Gunecha, aged 30

years. She used to assist me in business, but at present she is not doing

: 3 :

anything. My Son’s name is Master Arham Gunecha, aged 17 years. He is

a student.

Q. 9 Are your parents alive?

Ans. My father Mr. Vijaysingh Gunecha has expired in 2023 and

my mother Smt. Laxmi Devi Gunecha is staying in Banaras alongwith my

brothers.

Q. 10 Where is your native place?

Ans. My native place is at Rajasthan.

Q 11. Do you have ancestral property or self acquired property at

native place?

Ans. I do not have any ancestral property or self acquired property

at my native place.

Q. 12. Are you working anywhere?

Ans. No. I am not working anywhere.

Q 13. How are you maintaining your livelihood?

Ans. My family friend (Brother in law) Mr. Sanjay Bhaturia is taking care of my livelihood.

Q. 14 Who is paying rent of the abovementioned premises situated at Basant Galaxy, Bangur Nagar?

Ans. My brother in law Mr. Sanjay Bhaturia is paying my monthly

rent.

: 4 :

Q 15 Do you have immovable properties?

Ans. I do not have any immovable property.

Q 16 Do you have movable properties?

Ans. I do not have any movable property.

Q.17 Do you have landline telephone?

Ans. No.

Q. 18 Are you using mobile phone? What is make of instrument and model number? Is it postpaid/prepaid facility?

Ans. Yes, I am using mobile handset of LG Wing. It is postpaid

facilities.

Q. 19 Who is paying bill of your mobile phone?

Ans. My brother in law Mr. Sanjay Bhaturia is paying bill of my

mobile phone.

(Insolvent No. 1 is directed to lodge last paid up bill of his

mobile service.)

(Requisition accordingly.)

Q 20 How far have you studied?

Ans. I had completed my graduation (B. Com) from Hindi Medium.

Q. 21 What type of business were you performing?

Ans. I was doing business related to Air Conditioner and its

appliances in the name and style of “M/s. Cool World” situated at 1) Kedia

: 5 :

Chamber, Malad, 2) Motilal Nagar No. 2, Goregaon and 3) Haji Habib

Building, Dadar (E), Mumbai. The said business running from all the said places are closed from last 2 years.

Q. 22 Whether the abovementioned all the premises are on ownership or rental basis?

Ans. All abovementioned premises are on rental basis

Q. 23 Whether you were paying Income Tax and Sales Tax?

Ans. Yes. I used to pay Income Tax and Sales Tax.

(Insolvent No. 1 is directed to lodge last three years Income

tax/Sales Tax returns.)

(Requisition accordingly.)

Q. 24 Do you have Bank accounts?

Ans. Yes. I had bank accounts, but those are closed now. I had three

Current Bank Accounts with State Bank of India. One at Bangur Nagar,

Goregaon, another at Malad Branch and last at Dadar (E) Branch.

(Insolvent No. 1 is directed to lodge original cheque book, pass book or statement of account.) (Requisition accordingly.)

(Registry is directed to write usual letter to the Bank)

Q. 25 Do you have any joint bank account with any other family

member/friend?

Ans. No. I don’t have any joint bank account with any of my

relative or friend.

: 6 :

Per O.A. :

ii. Advocate Mr. Anand Pandey is directed to file Vakalatnama in

the Office on/before next date and comply the requisitions.

iii. In view of the above and at the request of the Advocate for the Insolvent, today’s meeting stands adjourned to 30th September, 2025 at 12.30 p.m.

DIRECTIONS

Insolvent No. 1 is directed not to leave the jurisdiction of this Hon'ble Court without the prior written permission of the Official Assignee.

Insolvent No. 1 is directed not to carry on any business and not to incur any liability.

Insolvent No. 1 is directed not to deal with or dispose of any of his properties.

Insolvent No. 1 is directed to file his Schedules of Assets and

Liabilities on or before the next date of the meeting.

Insolvent No. 1 is directed not to operate any of his bank accounts and Credit cards and lodge documents relating thereto.

Insolvent No. 1 is directed to sign his statement on or before the next date.

(Chandan J. Bhatt) Official Assignee

MAS/CJB /home/ubuntu/Desktop/ minutes of OA 2022/Umed Gunecha.doc