Anil Damodar Patdukhe v. M/s Kotak Mahindra Bank Ltd.
Case brief
What is this about?
The court heard an application regarding the insolvency estate and discharge of the petitioner. The Official Assignee reported insufficient assets to declare a dividend meeting statutory requirements for discharge. The execution status by one creditor was unknown. The court adjourned the matter to obtain the execution status.
What the court decided
A.No.194 of 2023
A.No.194 of 2023 in I.P.No.34 of 2018
C.SARAVANAN, J.
It is noticed that the petitioners herein have suffered an adverse Award dated 13.04.2017 in the hands of the Arbitrator in an Arbitration Proceeding initiated by M/s.L & T Finance Limited. Based on the same, M/s.L & T Finance Limited had filed Execution Application No.(L) 1230 of 2018 claiming a sum of Rs.24,66,712/- together with future interest at 18% P.A., from 10.06.2016 to 17.04.2018 till the date of payment/realization.
- Chamber Summons No.650 of 2018 was also issued to the petitioners, pursuant to Execution Application No.(L) 1230 of 2018 filed by M/s.L & T Finance Limited to execute the Award dated 13.04.2017 of the Arbitral Tribunal.
A.No.194 of 2023
- The petitioners have declared that there are other creditors
- namely Citi Bank, No.163, Anna Salai, Chennai – 600 002, Citi Bank,
No.72-75, Dr.Radhakrishnan Salai, CIT Colony, Mylapore, Chennai – 600 004, Indusland Bank and Shri Ram City Union Finance Limited amounting to total sum of Rs.33,48,331.00.
Issues for consideration
2 issues framed by the court
Whether the application for discharge from insolvency can be dismissed due to insufficient estate to declare requisite dividend.
Whether execution proceedings against guarantor affect the solvency status of the petitioners.
Parties & counsel
- petitioner
Unidentified Insolvent (Petitioner)
- other
Official Assignee
- respondent
L & T Finance Limited
- respondent
Citi Bank
- respondent
Indusland Bank
- respondent
Case details
As recorded by the court registry
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