Allowed

Dharma Productions Pvt. Ltd. v. Bharat Sanchar Nigam Limited and 41 others

Madras HC7 Jan 2020A/36/2020

Case brief

AI extract

What is this about?

The High Court of Madras allowed an application to discharge the petitioner from insolvency proceedings. The court permitted the Official Assignee to discharge creditors and refund surplus funds to the petitioner, holding her independent of the insolvency proceedings.

What did the court decide?

Petitioner discharged from insolvency; Official Assignee permitted to pay claims and refund Rs.1,95,000/-.

Dharma Productions Pvt. Ltd. Vs Bharat Sanchar… — Insolvency and Bankruptcy | Madras HC (2020)

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A.No.36 of 2020 in I.P.No.22 of 2015

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IN THE HIGH COURT OF JUDICATURE AT MADRAS

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DATED : 11.12.2020

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C O R A M

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THE HONOURABLE Ms. JUSTICE P.T. ASHA

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A.No.36 of 2020 in I.P.No.22 of 2015

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K. Lakhsmi Narayani ...Petitioner
-V-
The Official Assignee,
Madras High Court,
Chennai – 600 104. ...Respondent

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Prayer : Original Petition filed under Order II Rule 1 of the Insolvency Rules read with Section 38 of the Presidency Town of Insolvency Act to discharge the applicant from insolvency proceedings.

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For petitioner : Mr.V.S.Jagadeesan For Respondent : Ms.Uma Official Assignee

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ORDER

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The above application has been filed by the insolvent to discharge

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the applicant from the insolvency proceedings.

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1/5

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https://www.mhc.tn.gov.in/judis/

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A.No.36 of 2020 in I.P.No.22 of 2015

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2.The report of the Official Assignee would indicate that on the

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directions of the learned Master, Madras High Court, in A.Nos.74 and 75 of 2019, the employer of the insolvent was directed to attach and recover the salary of the insolvent to the tune of Rs.20,000/- from the month of May 2019. In pursuance of this, the salary of the insolvent has been remitted from the period May 2019 till January 2020. In the meanwhile, the applicant's employer, namely, Bharat Sanchar Nigam Limited had introduced the BSNL Voluntary Retirement 2019 Scheme and the applicant had opted for the said Scheme. As a result of which, the employer of the insolvent advised her to resolve the pending issue before this Court. Therefore, she had requested the Official Assignee to do the needful at the earliest.

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3.The two unsecured claims were received totaling a sum of Rs.11,42,982/-. The claims were admitted to the tune of Rs.13,28,599/on 08.01.2020. No other claims were received by the Official Assignee.

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The available amount in the estate was not sufficient to disburse this

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2/5

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https://www.mhc.tn.gov.in/judis/

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A.No.36 of 2020 in I.P.No.22 of 2015

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amount and to meet the administrative expenses as well as 7% of the Government Commission, the insolvent was required to remit Rs.5,55,000/- which has also been remitted to her on 06.01.2020. The employer was also informed about the same. The amount collected in the estate was remitted to the Indian Bank, High Court Branch under Fixed Deposit Scheme. The amount available can be used to discharge the two claims. After discharge of the two claims, a sum of Rs.1,95,308/- would still be available in the estate. The Official Assignee has filed a report to permit the Official Assignee to disburse the claim amount and refund a sum of Rs.1,95,000/- to the applicant.

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4.Accordingly, the Official Assignee is permitted to disburse the

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claim amount of Rs.7,17,599/- to M/s.Government Tele Communication Employees Co-operative Society Limited, Sembudoss Street, Chennai -1 and Rs.6,11,000/- to M/s.Shriram City Union Finance Limited, No.6, Sorranto Building, Adyar, Chennai – 20. The Official Assignee is also permitted to refund a sum of Rs.1,95,000/- to the insolvent.

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3/5

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https://www.mhc.tn.gov.in/judis/

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A.No.36 of 2020 in I.P.No.22 of 2015

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In view of the above, the insolvent stands discharged from the

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insolvency proceedings.

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21.12.2020
Internet : Yes/No
Index :Yes/No
Speaking / Non-Speaking
mps

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4/5

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https://www.mhc.tn.gov.in/judis/

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A.No.36 of 2020 in I.P.No.22 of 2015

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P.T. ASHA. J,

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mps

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A.No.36 of 2020
in I.P.No.22 of 2015
21.12.2020

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5/5

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https://www.mhc.tn.gov.in/judis/

Dharma Productions Pvt. Ltd. v. Bharat Sanchar Nigam Limited and 41 others

Case brief

What is this about?

What did the court decide?

Dharma Productions Pvt. Ltd. v. Bharat Sanchar Nigam Limited and 41 others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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