2024:BHC-OS:5353 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 Re:

1) K.K.B. Properties A partnership firm constituted under the Indian Partnership Act, 1932 and having its office at 919, Maker Chambers V, Nariman Point, Mumbai-400021.

2) Atul Indrakumar Bora Partner of K.K.B.Properties, having his office at 919, Maker Chambers V, Nariman Point, Mumbai - 400021 ...Insolvents Ex-Parte:

Dr. Ramila A. Sanghvi for self and as Karta and Manager of Anand Lalchand Sanghvi (HUF) and residing at

1402, Everest Chamber, Malabar Hill, Mumbai – 400006 … Petitioning Creditor.

Mr. Y.S. Bhate with Mr. Anil Bagwe for Insolvents.

Mr. Sanjay Kshirsagar with Mr. Ashutosh Singh for Third Party Purchaser.

Mrs. C. J. Bhatt, Official Assignee with Mr. Arun Kesarkar, Deputy Official Assignee.

Mrs. M. R. Parkar, Insolvency Registrar.

CORAM :ABHAY AHUJA, J. DATE :19th MARCH 2024 ORAL JUDGMENT. :

1. This Official Assignee’s Report seeks the following directions: (a) that this Hon’ble Court be pleased to declare that the Deed of Transfer and Assignment dated 29th March, 2016 which was registered on 16th May, 2016 made between Atul Indrakumar Bora, the Insolvent No.2, Mrs. Arushi Atul Bora AND Shri Parag Hemraj Bora, in respect of the residential premises i.e. Flat No.E-901 and E- 905 situated at 10 Kasturkunj, ICS Colony, Bhosale Nagar, Pune – 411007 be treated as null and void and not binding on the Official Assignee;

(b) that the Official Assignee to be permitted to take physical possession of Flat No.E-901 and E-905 from whomsoever found in possession with the help of concerned Police Station and by breaking open the lock/s, if any.

(c) if prayer Clause (a) is in affirmative, the Kasturkunj Co- operative Housing Society Limited be directed to take note in their record as well as in the Share Certificates of the Flat No.E-901 and E- 905 that the said Deed of Transfer and Assignment dated 29th March, 2016 and other subsequent transactions, if any, in respect of Flat No.E-901 and E-905, are null and void;

(d) whether the Official Assignee may appoint Valuer from the Panel of Valuer of the Office of the Official Assignee for ascertaining the 50% share of the Insolvent in flat No.E901 and E-905 situated at

10 Kasturkunj, ICS Colony, Bhosale Nagar, Pune – 411007;

(e) If answer to prayer (b) hereinabove is in affirmative, then the Petitioning Creditor may be directed to deposit the amount of the professional fees of Valuer so appointed;

(f) if prayer Clause (b) is in negative, Mrs. Arush Atul Bora, wife of the Insolvent No.2 be directed to deposit 50% amount of total value of the said Flat No.E-901 and E-905 as per the Valuation Report which will be submitted by the Valuer from the Panel of the Official Assignee;

2. In the Insolvency Petition filed by the Petitioning Creditor, on 17th April, 2018, M/s K. K. B. properties, the partnership firm constituted under the Partnership Act, 1932 and Mr. Atul Indrakumar Bora, had been adjudged as Insolvents by the Insolvency Court and therefore, the estate and effects had become vested in the Official Assignee pursuant to Section 17 of the Presidency Towns Insolvency Act, 1909 (the “Act/Insolvency Act”).

3. After private examination of Insolvent No.2 and after perusal of documents furnished by the Kasturkunj Co-operative Housing Society Limited, the Official Assignee deputed his representative on 21st July, 2018, for the purpose of taking formal possession of Flats No. E-404, E- 408, E-901 and E-905, situate at 10, Kasturkunj, ICS Colony, Bhosale Nagar, Pune-411 007, for making inventory of the movables and articles lying therein. The representative of the Official Assignee submitted his report dated 12th July, 2018, which reported that in the said “E” wing of Kasturkunj building, there are only four flats on each floor and Flats No. E-404 and E-408 are one and the same but the Sale Agreement and