Allowed

The Official Assignee v. M.Venkatesan

Madras HC5 Apr 2024APPLN/66/2024

Case brief

AI extract

What is this about?

Insolvency applications sought annulment of a 2001 adjudication order and closure of administration. The Official Assignee reported all liabilities settled, leaving a surplus of Rs.16,175/-. The court annulled the adjudication, closed the insolvency proceedings, and permitted the Official Assignee to retain the surplus.

What did the court decide?

Adjudication order dated 25.01.2001 annulled; insolvency administration in I.P.No.7 of 2001 closed; Official Assignee permitted to retain surplus of Rs.16,175/-

The Official Assignee Vs M.Venkatesan — Insolvency and Bankruptcy | Madras HC (2024)

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Appln.No.66 of 2024

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Appln.Nos.66 & 67 of 2024 in I.P.No.7 of 2001

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KRISHNAN RAMASAMY, J.,

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The application in Appln.No.66 of 2024 has been filed to annul the order of adjudication dated 25.01.2001 adjudicating M.Venkatesan/respondent as insolvent on his own petition in I.P.No.7 of 2001.

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The application in Appln.No.67 of 2024 has been filed to close the administration of the insolvency proceedings in I.P.No.7 of 2001.

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The learned Official Assignee would submit that in the present case, originally the respondent is declared as insolvent by virtue of the order passed by this Court dated 25.01.2001. Further, he would submit that the entire liability of the respondent is duly settled and now a sum of Rs.16,175/- is available with him as surplus. In this regard, he had also filed a detailed report dated 20.03.2024.

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On considering the submission made by the learned Official Assignee and on perusal of his report dated 20.03.2024, it is clear that all the liabilities of the respondent has been settled and now a surplus amount of Rs.16,175/- is available with the learned Official Assignee. Hence, this Court is inclined to order these applications.

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Page No.1/2

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

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Appln.No.66 of 2024

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KRISHNAN RAMASAMY, J.,

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nsa

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Accordingly, these applications are ordered as prayed for. Thus, the

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order of adjudication dated 25.01.2001 is hereby annulled and the administration of the insolvency proceedings in I.P.No.7 of 2001 is closed.

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At this juncture, the learned Official Assignee requests this Court to

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permit him to retain the surplus amount of a sum of Rs.16,175/-, since the respondent had not assisted him properly.

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In view of the above, the learned Official Assignee is permitted to

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retain the aforesaid surplus amount with him.

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05.04.2024

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nsa

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Appln.Nos.66 & 67 of 2024 in I.P.No.7 of 2001

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Page No.2/2

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

The Official Assignee v. M.Venkatesan

Case brief

What is this about?

What did the court decide?

The Official Assignee v. M.Venkatesan

Case brief

What is this about?

What did the court decide?

What the court decided

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