Mr Farokh Merchant/ Applicant ... vs N.R. Packaging Industries
2023 Latest Caselaw 10471 Bom

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