The Official Assignee, High Court,Bombay v. Rakesh Kedia
Case brief
What is this about?
Insolvency administration order: Bombay High Court directs brother of insolvent (Rakesh Kedia) to deposit 50% of the value of the flat with the Official Assignee within four weeks; failing deposit, Official Assignee empowered to take physical possession of the Malad property and sell the entire property with proceeds to the estate account; valuation report within two weeks with Rs.50,000 valuer's fees from the insolvent; reply forfeited for breach of order dated 01.07.2025, revivable only on Rs.1,00,000 costs; advocate without vakalatnama barred from arguing; suit by brother in City Civil Court viewed prima facie as a fraud to delay proceedings; next compliance date 16.01.2026. Useful for searches on: Official Assignee's powers; deposit of asset value by third parties; sale of insolvent's property; costs for delayed filings; vakalatnama requirement for arguing.
What did the court decide?
Official Assignee's Report disposed of with directions: (i) brother of the insolvent to deposit 50% of the value of the flat with the office of the Official Assignee within four weeks, failing which the Official Assignee may take physical possession of the property at Malad and sell the whole property, proceeds to be deposited in the estate account and adjudicated thereafter; (ii) Official Assignee to obtain a valuation report within two weeks; (iii) insolvent-petitioner to deposit Rs.50,000/- towards valuer's professional fees within one week, valuation report within one week thereafter, value to be communicated to the insolvent and his brother; (iv) insolvent's right to file reply forfeited, belated reply to be taken on record only on payment of Rs.1,00,000/- as costs to the office of the Official Assignee; (v) matter listed for compliance on 16 January 2026.