ORAL JUDGMENT :- The Insolvency Petition was filed by the Mandvi Co-operative Bank Ltd., on the basis of an award of the Co-operative Court dated 7th August, 2000. Based thereon, an Insolvency Notice was taken out on 9th May, 2003 under which the amount that was due and payable was quantified at Rs. 94.07 lakhs with future interest on the principal sum of Rs. 69.21 lakhs from 1st July, 2002. The Insolvency Notice was served on the Debtor on 24th December, 2003. The Debtor took out a Notice of Motion (Notice of Motion 17 of 2004) for setting aside the Insolvency Notice. The Motion was dismissed in default on 20th July, 2004. Subsequently, in Notice of Motion 174 of 2004, the earlier Motion was restored to file. In Notice of Motion 17 of 2004 which was for setting aside the Insolvency Notice, Consent Terms were arrived at between the Bank and the Judgment Debtor under which the Debtor admitted the claim of the Bank in the amount of Rs. 1.07 crores together with interest at the rate of 12.5% per annum on the principal sum of Rs. 69.21 lakhs from 1st December, 2004. There was a default on the part of the Judgment Debtor in complying with the Consent Terms. In the meantime, Manipal Fina

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