The main legal point established is that the surplus amount in the insolvent's estate account can be used to satisfy all claims and may be refunded to the insolvent, in accordance with Section 21(1) of the Presidency Towns Insolvency Act, 1909.

JUDGMENT :

1. Heard Mr. Jain, learned Advocate for one of the Creditor of the Insolvents, Mr. Bagwe, learned Advocate for Insolvents and the learned Deputy Official Assignee. 2. This Notice of Motion has been filed by Applicant/Insolvent No. 1 - Mr. Parmanand Sitlaprasad Pandey for seeking the following reliefs:-

(a) That the delay of 22 days in filing the present Notice of Motion be condoned

(b) This Hon'ble Court be pleased to set aside the order dated 27.04.2022 passed by the learned Official Assignee of Bombay, transferring the amount to Unclaimed Dividend Account, equivalent to the claim amount of some of the Claimants who have not came forward and prove their claim before the Official Assignee;

(c) This Hon'ble Court further be pleased to set aside the order dated 27.04.2022 passed by the learned Official Assignee admitting the claim of some of the other Claimants, which are based on the Bill of Exchange only and not on any order and/or decree from any Court of Law obtained by them against the Insolvents;

(d) That the provision towards the claims of the claimants be made and if they couldn't come forward and proved and claimed the said amount within period of Six months, the said amount may be return/paid to the Insolvent No. 1;

(e) That in view of the more than sufficient amount standing to the credit of the estate account of the Insolvent above named towards the payment of the claimants of the Insolvents, the order of adjudication 14.12.1999 passed against the Insolvents above named by the Hon'ble the Insolvency Court, may be annulled under Section 21 (1) of the Presidency Towns Insolvency Act, 1909 on the ground of full payment;

(f) That the Public Examination of the Insolvents above named be ordered to be dispensed with by this Hon'ble Court;

(g) That this Hon'ble Court be pleased to direct the Official Assignee, High Court, Bombay to write necessary letters to the concerned parties, to whom he had informed about the Insolvency of the above named Insolvents;

(h) That this Hon'ble Court further be pleased to direct the Official Assignee, High Court, Bombay to refund to the Insolvent No. 1 above named, the surplus amount, if any, standing to the credit of the estate account of the above named Insolvents after making provision for the payment of the creditors of the Insolvents as admitted by the learned Official Assignee of Bombay.

3. It is contended by the Applicant (Insolvent No.1) that he was adjudicated insolvent along with his brother Dayanand S. Pandey (Insolvent No. 2) by order dated 14.12.1999 passed by the Hon’ble Insolvency Court, High Court, Mumbai in Insolvency Petition No. 16 of 1999 which was filed by the Petitioning Creditor. The name of Petitioning Creditor was Mr. Gopaldas Lilaram Valecha.

4. Next it is contended that the Applicant and his brother filed their schedule of assets and liabilities with the office of the Insolvency Registrar and Official Assignee of Bombay in March 2000. The names of claimants were shown in the schedule on the basis of claims filed by them with the Official Assignee’s office. Some claims were admitted by the Applicant and his brother. However, many of the claims were time barred and many claimants did not take steps to prove their claims by filing appropriate proceedings.

5. Record indicates that during the course of pendency of the Insolvency proceedings, Official Assignee of Bombay sold one immovable property namely residential flat belonging to Insolvent No.1 - Applicant herein situated at Andheri (E), Mumbai for a sum of Rs. 85 Lacs sometime in October 2018 for the purpose of distribution of the amounts to the claimants of the insolvents. Sometime in April 2022, the Official Assignee fixed meeting in his office for investigation of claims of the claimants who had filed the same with the office of the Official Assignee. It is submitted by Applicant that some of the claims have been admitted by the Official Assignee vide order dated 27.04.2022. This order is under challenge in the pr