Bombay High Court
Mr Farokh Merchant/ Applicant Vikas ... vs N.R. Packaging Industries on 10 October, 2023
Author: Abhay Ahuja
Bench: Abhay Ahuja
2023:BHC-OS:11684
1 17 nmisl 25093-23 in inpt 4-22-os.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION/
IN ITS INSOLVENCY JURISDICTION
NOTICE OF MOTION (L) NO.25093 OF 2023
IN
INSOLVENCY PETITION NO.4 OF 2022
Vikas Gaurishankar Jhunjhunwala ... Petitioning Creditor
Vs.
N.R. Packaging Industries ... Judgment Debtor/Applicant/Insolvent
Ms.Namrata A. Kadam i/by Mr. Ajinkya R. Lokare, Advocates for the Petitioning
Creditor.
Ms.Anita Pandey with Mr.Mukesh Gupta, Advocates for the Insolvent.
Ms.C.J.Bhatt, Official Assignee with Mr.Arun Kesarkar, Deputy Official Assignee
and Mr.Subodh Patil, 1st Assistant Official Assignee present.
Ms.M.R.Parkar, Insolvency Registrar present.
CORAM : ABHAY AHUJA, J.
DATE : 10 OCTOBER, 2023.
P.C. :
1. This Notice of Motion has been filed by the Insolvent seeking to annul the insolvency.
2. Ms.Anita Pandey, learned counsel for the Insolvent-Applicant would submit that the claim of the Petitioning Creditor has been fully satisfied and therefore, the order of adjudication passed against the Insolvent on 10 th March, 2023 be annulled under section 41(1) of the Presidency Towns Insolvency Act, Priya R. Soparkar 1 of 2 2 17 nmisl 25093-23 in inpt 4-22-os.doc 1909. Learned counsel would submit that the Insolvent-Applicant has paid the Petitioning Creditor the amount of Rs.1,51,000/- (principal amount) and interest of Rs.29,627/- and settled the claim of the Creditor before this Court.
3. The learned Official Assignee present in the Court also informs the Court that the charges of Rs.5,421/- of the Official Assignee (being the commission of the Official Assignee) has also been paid. The Applicant- Insolvent to also furnish the usual Indemnity Bond to the learned Official Assignee. Ms.Namrata A. Kadam, learned counsel for the Petitioning Creditor also has no objection if the Notice of Motion is allowed.
4. Having heard the learned counsel as well as the learned Official Assignee and having perused the application and the affidavit, this Court is of the view that the Notice of Motion be allowed in terms of prayer clauses (a) and (d).
5. The Notice of motion accordingly stands disposed.
(ABHAY AHUJA, J.)
Priya R. Soparkar 2 of 2
Signed by: Nikita Gadgil
Designation: PA To Honourable Judge
Date: 11/10/2023 13:45:55