Premji N Thakkar Huf vs Prakash R Thakkar
2023 Latest Caselaw 11167 Bom

                                                            17. OAR 14-19.doc


                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                    ORDINARY ORIGINAL CIVIL JURISDICTION

                 OFFICIAL ASSIGNEE'S REPORT NO. 14 OF 2019
                                     IN
                    INSOLVENCY PETITION NO. 22 OF 2016


Premji N. Thakkar (HUF)                         )...Petitioning Creditor
      V/s.
Prakash Ramji Thakkar                           )...Judgment Debtor

Mr. Anil Bagwe with Ms. Krutika Valunj for Petitioning Creditor.
Ms. C. H. Bhatt, Official Assignee with Mr. Arun Kesarkar, Deputy OA.
Ms. M. R. Parkar, Insolvency Registrar present.

                             CORAM       :      ABHAY AHUJA, J.

                             DATE        :      31st OCTOBER 2023
P.C. :

1. Today the matter is listed for considering the Official Assignee's

Report No. 14 of 2019 dated 18th October, 2023.

2. Learned Official Assignee has prayed for the following

directions :-

(a) that the Official Assignee may be permitted to open the sealed packet of the valuation report of the said Flat No. 403, 4th Floor, 'A' wing, Building No.2, Daffodil Co-operative Housing Society Ltd., Wispering Meadows, Balrajeshwar Road, Opp. Model Town, Mulund (West), Mumbai-400 080 which was submitted by Ms. Neelam Arch, the Valuer as per Order dated 14th July, 2023.

(b) that the Official Assignee may be directed to ascertain the

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17. OAR 14-19.doc

1/5th share of the Insolvent from out of 50% share of his deceased mother in subject flat premises as per Valuation Report and inform Mr. Narendra Ramji Thakkar, brother of the Insolvent to deposit the said amount of 1/5th share of the Insolvent with the Official Assignee as directed vide Order dated 16th June, 2023.

3. Pursuant to order dated 14th July, 2023, Ms. Neelam Arch was

appointed as Valuer in the matter from the panel of valuers. The Valuer

has today submitted report in a sealed cover. The sealed cover is

opened under the directions of this Court. A perusal of the report dated

3rd August, 2023 indicates that the property being Flat No. 403, 4 th

Floor, A Wing, Building No. A2, Daffodil CHSL, located at Agarwal

Road, Mulund (West), T Ward, being situate on Plot bearing CTS No.

20-B, Survey No. 254 Pt, Village Mulund (w), Mumbai-400080, has

been valued at Rs. 2,25,33,000/- on the basis of built up area of 1036

sq. ft at the rate of 22,500/- per sq. ft., less the depreciation at the rate

of 25% on cost of construction.

4. The share of the Insolvent in the said property has been

determined to be 1/5th of 50% share, which is the share of the

Insolvent's deceased mother in the said flat. The Valuer has worked out

50% of the mother's share to be Rs. 1,12,66,500/-. 1/5th of 50% of the

share has also been worked out to Rs. 22,53,300/-.

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                                                                                         17. OAR 14-19.doc

5. Accordingly, the learned Official Assigned is directed to inform

Mr. Narendra Ramji Thakkar, brother of the Insolvent as well as Smt.

Meera Narendra Thakkar, 50% owner of the said flat, to deposit the

1/5th share worked out to Rs.22,53,300/- in the office of the Official

Assignee within a period to be fixed by the learned Official Assignee.

6. The Official Assignee's Report accordingly stands allowed and

disposed of.

                                                                     (ABHAY AHUJA, J.)




                               Nikita Gadgil                                                            3/3
Signed by: Nikita Gadgil
Designation: PA To Honourable Judge
Date: 01/11/2023 20:54:08