S.Chandrasekar v. nil
Case brief
What is this about?
Interim order staying alienations of the second respondent pending further orders on applications to recall insolvency adjudication and set aside property sale.
What did the court decide?
Notice to respondents; alienations by second respondent stayed pending further orders.
What the court decided
Application (IP).Nos.26 of 2024 batch etc
Application (IP) Nos.26, 27, 28, 29 and 30 of 2024 in I.P.No.6 of 2023
C.SARAVANAN, J.
These applications have been filed for various relief subsequent to order passed by the learned Master on 09.03.2023 adjudging the first respondent as an insolvent. The first respondent has sold the property on 11.01.2023 and has thereafter filed the above petition before this Court under Section 9 (1) (F), 10, 11, 14, 15 of the Presidency Town Insolvency Act, 1909. The learned Master has adjudged the first respondent as an insolvent on 09.03.2023.
- The learned Official Assignee would submit that the property has been sold for a poultry sum of Rs.3,95,000/-, whereas, the market value of the property was Rs.45,00,000/- and as on 31.01.2024 and now the present market value has been raised to Rs.48,75,000/-. It is further submitted that this is a fit case for recalling the order adjudging the first respondent as an insolvent and to set aside the sale made by the first
Application (IP).Nos.26 of 2024 batch etc
respondent to the second respondent.
- The learned counsel for the second respondent appears for the
Parties & counsel
- respondent
First Respondent
- respondent
Second Respondent
Coram
C SARAVANAN
Case details
As recorded by the court registry
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