Saujanya Plastics Pvt.Ltd/Mr. ... vs Atul Lalitbhai Parekh
2021 Latest Caselaw 16199 Bom

                                                                                 22-nmis-8-2021.doc




                                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                          IN INSOLVENCY JURISDICTION
                                      NOTICE OF MOTION NO. 8 OF 2021
         Digitally
         signed by
                                                   IN
         SHRADDHA
SHRADDHA KAMLESH                     INSOLVENCY NOTICE NO. 4 OF 2021
         TALEKAR
                      Mr. Atul Lalitbhai Parekh          .. Applicant
KAMLESH
TALEKAR  Date:
         2021.11.24
         20:02:23
         +0530

                      In the matter between :

                      Re: Mr. Atul Lalitbhai Parekh             .. Judgment Debtor
                      Ex-parte :
                      Saujanya Plastics Pvt. Ltd.               .. Judgment Creditor
                                                      ...
                      Mr.Ibrahim Merchant for petitioning creditor.
                      Mr.Kabir Singh i/b Prakash and Co. for judgment debtor.
                      Ms. M.P. Kunte, Insolvency Registrar, present.

                                             CORAM : N. J. JAMADAR, JJ.

DATE : 23rd NOVEMBER, 2021 P.C.:

1. This notice of motion is taken out to set aside Insolvency

Notice No.4 of 2021, dated 22nd January 2021.

2. The learned counsels for the applicant-judgment debtor and

judgment creditor jointly submit that the dispute between the

parties has been amicably resolved by fling the

amended/modifed consent terms in Commercial Arbitration

Petition No.59 of 2016, which have been recorded by this Court in

the order dated 5th October 2021. The learned counsels have

tendered the consent terms.

                      Shraddha Talekar, PS                                                    1/2
                                                                          22-nmis-8-2021.doc

3. The applicant-judgment debtor is present before the Court.

He admits the contents of the consent terms and execution

thereof.

4. The learned Advocate for the judgment creditor submits that

the Authorized Signatory of the judgment creditor has signed the

consent terms and judgment creditor has no objection to set aside

the notice, in accordance with the consent terms. The consent

terms are also signed by the advocates for the applicant/judgment

debtor and the judgment creditor.

5. In view of the aforesaid submission, the consent terms is

taken on record and marked 'X' for identifcation.

6. In the backdrop of the settlement of the dispute between the

parties, as recorded in the order dated 5 th October 2021, and the

consent terms tendered before the Court, the notice of motion is

made absolute in terms of prayer clause (a), which reads as

under :-

"(a) this Hon'ble Court be pleased to set aside the above captioned Insolvency Notice No. 5 of 2021 dated 22 nd January 2021 and served the Applicant/Judgment Debtor on 27th January 2021."

7. Insolvency Notice No.4 of 2021, dated 22nd January 2021

stands set aside.

                                                 (N. J. JAMADAR, J.)

Shraddha Talekar, PS                                                                  2/2