Bombay High Court
0 vs Rakesh Kedia on 7 February, 2019
IN THE HIGH COURT AT BOMBAY IN INSOLVENCY INSOLVENCY PETITION NO. 35 OF 2018 Re : Rakesh Kedia. .. Debtor/Petitioner.
Before : The Insolvency Registrar, High Court, Bombay Date : 7th February, 2019 at 12.00 noon.
Present:-
Mr. Mohit Sahani, Advocates for the Debtor/Petitioner. Rakesh Kedia, Debtor/Petitioner.
To-day, the meeting is fixed for further Preliminary Examination of the Debtor/Petitioner.
Further Preliminary Examination of Debtor/Petitioner - Rakesh Kedia:-
Debtor/Petitioner states resumes on Solemn Affirmation and states as under:-
I further say that Exhibit 'N' annexed to the Insolvency Petition is the copy of Sale Agreement dated 12 th May, 2010 in respect of Flat No. 602, 'B' Wing, Sicily Building, Raheja Exotica, Off Malad Madh Road, Malad (West), Mumbai. I further say that I have 50% share, right, title and interest in the said flat.
I further say that Exhibit 'O' annexed to the Insolvency Petition is the copy of Sale Agreement dated 14th February, 1995 in respect of Flat No. 603, Malad Panchvati Co-operative Housing Society Ltd., Raheja Township, Malad (East), Mumbai - 400 097. I further say that I have 50% share, right, title and interest in the said Flat.
I further say that Exhibit 'P' annexed to the Insolvency Petition are the copies of my Bank Account Statements.::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 2 :
I further say that I have certain movable properties, the description of the same is as under:-
(a) Current Account bearing No. 401979432 with Indian Bank, Mumbai standing in the name of M/s. Shiva Enterprises. Fixed Deposit Receipt bearing No. 401979432 of Rs.6,00,000/- with Indian Bank and interest of Rs.22,722/- on the Fixed Deposit is lying in the Current Account as of August, 2018.
(b) Joint Saving Account bearing No. 19330010001431 with New India Co-operative Bank standing in the name of my wife Mrs. Seema Rakesh Kedia and myself. The said account is having balance of Rs.3,800/- as of August, 2018 and the same is in-operative.
(c) Joint Saving Account bearing No. 19330010001209 with New India Co-operative Bank standing in the name my wife Mrs. Seema Rakesh Kedia and myself. The said account is having balance of Rs.2,800/- as of August, 2018 and the same is in-operative.
(d) Locker with New India Co-operative Bank bearing No. 019R10000522 standing in the names of myself, my wife Mrs. Seema Rakesh Kedia, Late Mr. Chandrakumar Kedia (father) and Smt. Taradevi (mother).
(e) Joint Saving Account bearing No. 5212191000782 with Oriental Bank of Commerce, Goregaon (East), Mumbai standing in the name of my wife Mrs. Seema Rakesh Kedia and myself. The said account is having balance of Rs.1,150/- as of August, 2018 and the same is inactive.
(f) Locker with Oriental Bank of Commerce, Goregaon (East), Mumbai bearing No. BB-148 standing in the names of my wife Mrs. Seema Rakesh Kedia and myself.
....3/-
::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 3 :(g) Current Account bearing No. 6622090001244 with Indian Bank, Goregaon (East), Mumbai standing in the name of M/s. Hari International. The said account is having minus balance of Rs.6,55,759.91 as of August, 2018 and the same is default (payable).
(h) 40 shares of Standard Industries as per Company records where the current price is Rs.18/- and the total value is Rs. 720/- as of August, 2018.
I further say that Exhibit 'Q' annexed to the Insolvency Petition is the copy of Income-tax Returns filed by me and M/s. Hari International for the Financial Year 2016-17.
I further say that Exhibits 'R-7' annexed to the Insolvency Petition are the copies of Income-tax Returns filed by me and M/s. Hari International for the Assessment Years 2011-12 to 2017-18.
I further say that Exhibit 'S' annexed to the Insolvency Petition is the copy of Balance Sheet of myself being Proprietor of M/s. Hari International. The said balance sheet reflects the Assets & Liabilities as on 31st March, 2017.
I further say that Exhibit 'T' annexed to the Insolvency Petition showing comparative chart of my assets and liabilities.
I further say that Exhibit 'V' annexed to the Insolvency Petition is the copy of receipt dated 14th July, 2018 towards the professional fees amounting to Rs.20,000/- paid for valuation of Flat No. 603, Malad Panchvati Co-operative Housing Society Ltd., Raheja Township, Malad (East), Mumbai - 400 097.
I further say that Exhibit 'W' annexed to the Insolvency Petition is the copy of receipt dated 14th July, 2018 towards the professional fees amounting to Rs.20,000/- paid for valuation of Flat No. 602, 'B' Wing, Sicily Building, Raheja Exotica, Off Malad Madh Road, Malad (West), Mumbai.
....4/-
::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 4 :I further say that Exhibit 'X' annexed to the Insolvency Petition is the copy of Ready Reckoner extract of the properties.
I further say that Exhibit 'Y' annexed to the Insolvency Petition is the description of list of documents.
Due to heavy losses suffered in my business my reputation in business circle, friend circle and among my relatives is spoiled and now nobody lends/advances me any money. And, therefore, I have made an application to become Insolvent for the first time by filing this Insolvency Petition and no Creditors of mine have filed any Insolvency Petition in this Hon'ble Court or in any other Competent Court against me.
Save and except the Bank Accounts mentioned earlier, I do not have any other Bank Accounts. And I have mentioned whatever balance funds lying in my abovementioned Bank Accounts.
As I have now no capacity to repay the liabilities mentioned in the petition, I pray to this Hon'ble Court that I may be adjudicated as an Insolvent.
There is no ancestral property at my native place. There is no self acquired property elsewhere in my name. I have no assets of whatsoever nature to pay the claims of my Creditors.
I do not have any Post Office Savings Account or Public Provident Fund Account with Post Office or Bank either in my single name or joint name of my any family members.
I do not have any investments in Units and/or Bonds with any Company or Financial Institutes in my name or joint name of my any family members.
I further say that I have LIC Terms Policy which is due for renewal. However, the same was not renewed by me.
....5/-
::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 5 :Save and except whatever mentioned above, I do not have any other Safe Deposit locker with any bank or financial institute.
I do not hold any Government Securities.
I was issued a Credit Card of Kotak Mahindra Bank about three years back, but the same was never used by me till date. The Bank has still not cancelled the said Card.
I have not deposited any money in Fixed Deposit with any Bank, Financial Institute or any relatives.
I do not have any gold, silver ornaments or precious stones.
I further say that there is a family Trust Account in the name of M/s. Kedia Foundation, where I am one of the Trustee and signatory. I am not beneficiary of any Will.
I am not member of any Chit Fund.
I am member of National Sports Club of India at Worli, Mumbai since my childhood and I am also member of Goregaon Sports Club, Link Road, Malad (West), Mumbai.
I have not speculated on the Stock Exchange in shares or in any other exchange or in any commodities. I used to invest in stocks and mutual funds earlier.
I have not punted at the races or indulged in gambling of any sort.
I do not have any vehicle in my name.
I have not transferred or gifted away any property to anyone during the period of two years preceding my present application.
....6/-
::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 6 :Save and except four Civil matters, one matter pending in Bombay High Court and three matters are pending in City Civil Court at Mumbai, there are no Criminal matters pending against me or against my said Proprietary firm.
Similarly, there is no Civil or Criminal matters filed by me. I have to state that save and except my two residential flats, I do not have any property whether movable or immovable or of any other nature in my name and/or in my possession.
I do have Landline phone standing in my name bearing No. 28880374 at Flat No. 602, 'B' Wing, Sicily Building, Raheja Exotica, Off Malad Madh Road, Malad (West), Mumbai and I have prepaid Mobile No. 9819830374 of Voda Phone.
I further state that I was carrying on my business at Mumbai and, therefore, this Hon'ble Court has Jurisdiction to entertain my Petition.
As I have now no capacity to repay the liabilities mentioned in the petition, I pray to this Hon'ble Court that I may be adjudicated as an Insolvent.
I say that I have committed an act of Insolvency by presenting this Petition as on dated 24th July, 2018.
I repeat, reiterate and confirm the averments made by me in the present Petition and also in the affidavit annexed to the said Petition in support thereof.
PER INSOLVENCY REGISTRAR :-
The Debtor/Petitioner abovenamed has been examined as to the geniunity of his statements in the Petition, hence his Preliminary Examination is CLOSED.
....7/-::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 ::: : 7 :
The Debtor abovenamed has been examined and submitted proof of his business in Mumbai and also about his liability. And accordingly he has filed the Petition adjudicating him as an Insolvent under provisions of the Presidency Towns Insolvency Act, 1909. Hence, Preliminary Examination of Debtor/Petitioner is CLOSED.
The Debtor/Petitioner abovenamed is directed to lodge certified copies of the notes of evidence with the Official Assignee and to comply with the requisitions raised by the office of the Official Assignee.
Sd/-
Insolvency Registrar.
Sd/-
Debtor/Petitioner.
rrk/srp.::: Uploaded on - 15/02/2019 ::: Downloaded on - 16/03/2019 11:41:58 :::