The court allowed an application by a secured creditor to withdraw a petition seeking sale of mortgaged properties under the Presidency Towns Insolvency Act, preserving the right to file a fresh application.
Application closed as withdrawn with liberty to file a fresh application.
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.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
(IN INSOLVENCY)
MONDAY, THE 4TH DAY OF JULY 2022
THE HON'BLE MR.JUSTICE M.SUNDAR
APPLN.No.44 of 2022
in
I.P. No.51 of 2014
I.P. No.51 of 2014:-
In the matter of the Presidency Towns Insolvency Act, III of 1909 and In the matter of A.Seetharaman & S.Rajarajeswari ...Debtor
...Petitioners/Debtors
APPLN.No.44 of 2022:
M/s.India Resurgence ARC Pvt.Ltd., (Assignee of Religare Finvest Ltd.,) Having Office at 3rd Floor, Unit 304, Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013.
...Applicant/Sec Creditor
-Vs-
2
West Mambalam, Chennai 600 033.
...Respondents/Debtors
Application praying that this Hon'ble Court be pleased to permit the Applicant to sell the said mortgaged properties as scheduled hereunder in their own and adjust the sale proceeds towards the amount outstanding payable to the Applicant and in case of any surplus amount after adjusting the same, the Applicant will deposit the said surplus amount before this Hon'ble Court in the I.P.No.51 of 2014.
The above application coming on this day before this Court for hearing in the presence of Mr.V.Balasubramani, Advocate for the Applicant/Sec Creditor herein; and Mr.C.V.Shyam Sundar, advocate for the Respondents 1 & 2 herein; and the Official Assignee, the 3rd Respondent herein; and upon reading the Judges summon and Affidavit of A.Joseph Rahul, and Counter affidavit of A.Seetharaman and the Report of the Official Assignee dated 14/06/2022 filed herein; and the Advocate for the Applicant having made an endorsement on this Application stating that
“Prayed before this Hon'ble Court to permit the Petitioner to withdraw the
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Petition with liberty to file an application.” and
it is ordered as follows:-
That the Application No.44 of 2022 in I.P.No.51 of 2014 be and is
hereby closed as withdrawn albeit preserving the rights of the applicant to come up with a fresh application with the same/similar prayer in an appropriate manner.
WITNESS, THE HON'BLE MR.JUSTICE MUNISHWAR NATH BHANDARI, CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 4TH DAY OF JULY 2022.
Sd./-
ASSISTANT REGISTRAR
Original Side – I //CERTIFIED TO BE TRUE COPY// DATED THIS THE DAY OF 2022.
MANAGER
INSOLVENCY OFFICE
From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.
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PK 11/07/2022
HIGH COURT, MADRAS
APPLN. No.44 OF 2022 IN I.P.NO.51 OF 2014
THE HON'BLE MR.JUSTICE M. SUNDAR
DECREE DATED:04/07/2022
FOR APPROVAL:11/07/2022
APPROVED ON :12/07/2022
COPY TO:-
The Official Assignee, High Court, Madras.
1 issue framed by the court
Whether to permit the sale of mortgaged properties pending the withdrawal of the application.
1 provisions across 1 enactments
M/s.India Resurgence ARC Pvt.Ltd.
A.Seetharaman and S.Rajarajeswari
The Official Assignee, High Court of Madras
M. Sundar
Munishwar Nath Bhandari
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
