Vs
Case brief
What is this about?
In an insolvency proceeding, the Official Assignee filed a report noting the insolvent's failure to file a discharge application and non-appearance at asset enquiries, despite disclosing property. The court annulled the order of adjudication under Section 41 of the Presidency Towns Insolvency Act, 1909, directing that assets vest continuously with the Official Assignee.
What did the court decide?
The order of adjudication dated 14.12.2000 is annulled with a direction that the assets of the insolvent vest with the Official Assignee continuously.
What the court decided
A compact analysis
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.
1
I.P. No.118 of 2000
K. RAVICHANDRABAABU,J.
The learned Official Assignee has filed an additional report dated 05.10.2015.
- It is stated therein that, after an order of adjudication, the insolvent has filed his schedule of affairs, as required under Section 24 of the Presidency Towns Insolvency Act, 1909. It is further stated that the insolvent has failed to file discharge application as per the orders of this Court, within a period of 18 months from the date of order of adjudication. In the schedule of affairs, the insolvent has disclosed 21 unsecured creditors for a sum of Rs.40,65,000/- and assets for Rs.3,06,830/-. In this estate five claims have been received by the Official Assignee for a sum of Rs.4,45,000/- and the same are pending admission. It is further stated that no amount is available in his estate. It is further submitted by the insolvent in his statement before the Official Assignee that he is owning vacant land at No. 51, Ramanan Nagar, Meenjur Panchayat Union, Meenjur and also another property at plot No. 2, Ramanan Nagar, Meenjur standing in the name of MM/s. Mannadi Trading Chits, a partnership firm in which he is a partner. Further he has also disclosed two more properties in the name of his wife. Even though the insolvent was called to attend enquiry regarding assets investigation in July 2005 and also in November 2005, he has not turned up for the said enquiries and no further action was taken in this matter. Under the above circumstances, the Official Assignee has sought for
2
K. RAVICHANDRABAABU,J.
Issues for consideration
1 issue framed by the court
Whether the order of adjudication under the Presidency Towns Insolvency Act, 1909 should be annulled due to non-compliance with the schedule of affairs and discharge application requirements.
Parties & counsel
- applicant
Official Assignee
- respondent
Insolvent
Coram
K RAVICHANDRABAABU
Case details
As recorded by the court registry
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