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MILIND N. JADHAV
Parmanand Sitlaprasad Pandey – Appellant
Versus
Gopaldas Lilaram Valecha – Respondent
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:-
(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
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) ....
The Appellant's suppression of material facts and false statement on oath, the requirement to discharge the debts of all creditors including the Respondent Bank in order to seek an order of annulment....
The Judgment Debtor's failure to comply with the Insolvency Notice and subsequent Notice of Motion led to the adjudication of insolvency under Section 9(2) of the Insolvency Act.
The burden of proving the contrary in insolvency proceedings is on the debtor, and the legal provisions create a presumption that the debtor has committed an act of insolvency if he fails to comply w....
Belated claims by genuine allottees in liquidation condonable despite 847-day delay if payments reflected in debtor records and no prejudice, payable from unclaimed liquidation funds held by IBBI.
Timeliness in filing claims under the Insolvency and Bankruptcy Code is crucial, and delays cannot be condoned absent sufficient justification.
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