Swadha Beneficiary Trust/ Mrs. ... vs Ashmi Atul Parekh
2021 Latest Caselaw 16203 Bom

                                                                              19-nmis-5-2021-inot-1-2021.doc




                                 IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                          IN INSOLVENCY JURISDICTION

                                              NOTICE OF MOTION NO. 5 OF 2021
                                                           IN
         Digitally
         signed by
         SHRADDHA
SHRADDHA KAMLESH
KAMLESH  TALEKAR                             INSOLVENCY NOTICE NO. 1 OF 2021
TALEKAR  Date:
         2021.11.24
         20:02:25
         +0530
                      Mrs. Ashmi Atul Parekh                      .. Applicant

                      In the matter between :

                      Re: Mrs. Ashmi Atul Parekh                  .. Judgment Debtor

                      Ex-parte :

                      Swadha Benefciary Trust                     .. 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.1 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.57 of 2016, which have been recorded by this Court in

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

Shraddha Talekar, PS 1/2 19-nmis-5-2021-inot-1-2021.doc

tendered the consent terms. The applicant-judgment debtor is

present before the Court. He admits the contents of the consent

terms and execution thereof.

3. The learned Advocate for the judgment creditor submits that

the Trustee of the judgment creditor has signed the consent terms

on behalf of the Trust 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.

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

taken on record and marked 'X' for identifcation.

5. 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. 1 of 2021 dated 22 nd January 2021 and served the Applicant/Judgment Debtor on 27th January 2021."

6. Insolvency Notice No.1 of 2021 dated 22 nd January 2021

stands set aside.

                                               (N. J. JAMADAR, J.)

Shraddha Talekar, PS                                                                 2/2