Dr.Ramila A. Sanghvi vs K.K.B.Properties And Anr
2024 Latest Caselaw 1046 Bom

Bombay High Court

Dr.Ramila A. Sanghvi vs K.K.B.Properties And Anr on 16 January, 2024

Author: Abhay Ahuja

Bench: Abhay Ahuja

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

                       OFFICIAL ASSIGNEE'S REPORT NO.15 OF 2019
                                           IN
                          INSOLVENCY PETITION NO.18 OF 2017
                                         WITH
                        NOTICE OF MOTION (L) NO.9726 OF 2022
                                           IN
                          INSOLVENCY PETITION NO.18 OF 2017
                                         WITH
                          INSOLVENCY PETITION NO.29 OF 2017

 Shalaka Projects Private Limited               ... Applicant

 In the matter between :
 K.K.B.Properties and anr.                      ... Insolvents
 Ex-parte:
 Dr. Ramila A. Sanghvi                          ... Petitioning Creditor
        And
 The Official Assignee of Bombay and anr.       ... Respondents

                                    -------
 Mr. Ashutosh Singh with Mr. Sanjay Kshirsagar, Advocates for the Third
 Party Purchaser.
 Mr. Darshit Jain i/by Mr. Sanjay Gawde, Advocates for the Applicant in
 NML No. 9726 of 2022.
 Mr. Yogeshwar S. Bhate with Ms. Krutika Valunju i/by Mr.Anil Bagwe,
 Advocates for the Insolvents.
 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 :    16 JANUARY, 2024.




   Priya R. Soparkar                                                                 1 of 3



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 P.C. :

OFFICIAL ASSIGNEE'S REPORT NO.15 OF 2019 IN INSOLVENCY PETITION NO.18 OF 2017

1. Mr. Ashutosh Singh, learned counsel appears for the Purchaser of

Flats No. E-901 and E-905 situate at 10, Kasturkunj, ICS Colony, Bhosale

Nagar, Pune 411 007 to submit that the directions sought by the learned

Official Assignee in the said report be rejected in as much as that the said

purchaser had purchased the said properties prior to the adjudication of

the Insolvent as such for valuable consideration and in accordance with

section 57 of the Presidency Towns Insolvency Act, 1909, the transaction

being a bonafide transaction is duly protected. Mr. Singh seeks some time

to furnish judgments in support of his submissions.

2. Mr. Bhate, learned counsel for the Insolvent also supports the view

of Mr. Singh, learned counsel for the Purchaser submitting that the

Petitioning Creditor has already been settled in view of the Consent Terms

dated 19th December, 2023 filed in this Court on the same date.

3. Accordingly, list the matter on 20th February, 2024.

   Priya R. Soparkar                                                                   2 of 3



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4. Let the judgments be circulated in advance.

NOTICE OF MOTION (L) NO.9726 OF 2022 IN INSOLVENCY PETITION NO.18 OF 2017

5. Mr. Jain, learned counsel appears for the Applicant in the Notice of

Motion and submits that since the reply to the Notice of Motion has been

received only yesterday, some time be granted to file rejoinder in the

matter.

6. Let the rejoinder be filed by the next date with a copy to the parties.

7. List on 20th February, 2024.

                                                   (ABHAY AHUJA, J.)




   Priya R. Soparkar                                                                   3 of 3