JUDGMENT :

ABHAY AHUJA, J.

1. This petition seeks an order of adjudication of insolvency by this Court against the Debtor Raj Kantilal Shah of Mumbai.

2. It is not in dispute that the Judgment Debtor owes to the Petitioner Rs. 21,37,78,446.52. Earlier, on 31st March, 2016, the Petitioning Creditor sent demand notice to Judgment Debtor. On 3rd May, 2016 interim reply was sent by advocate for Judgment Debtor to the Petitioning Creditor. On 9th February, 2017, decree on admission was passed in terms of the consent terms dated 9th February, 2017 in Summary Suit No. 657 of 2016. As the Judgment Debtor failed to make payment in terms of the said decree, Insolvency notice dated 16th October, 2018 was issued which was sealed on 4th December, 2018. The Insolvency notice was served upon the Judgment Debtor on 8th December, 2018 and an affidavit of service was filed in this regard. In accordance with the said insolvency notice the Judgment Debtor had 35 days to make payment of the decretal amount. It is not in dispute that, on 13th January, 2019, an act of Insolvency was committed by the Judgment Debtor as he had failed to make payment within 35 days. On 14th January, 2019, Notice of Motion No.