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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

IN ITS INSOLVENCY JURISDICTION

NOTICE OF MOTION NO. 14 OF 2021

IN

INSOLVENCY PETITION NO. 21 OF 2019

Sanjeev Kapoor

.. Applicant

In the matter of :

Ravikiran Surajbhan Aggarwal

….Debtor/Petitioner

And

Offcial Assignee of Bomba

… Offcial Assignee

AND

NOTICE OF MOTION NO. 15 OF 2021

IN

INSOLVENCY PETITION NO. 22 OF 2019

Sanjeev Kapoor

.. Applicant

In the matter of :

Pujit Ravikiran Aggarwal

….Debtor/Petitioner

And

Offcial Assignee of Bomba

… Offcial Assignee

***

Mr. Yash Moma a a/w. Mr. A az Bilawala and Mr. Yogesh Gaikwad

i/b M/s. Bilawala & Co. for applicant in both notices of motion.

Mr. Gaurang Mehta i/b Rajani Associates for insolvent in Notice of

Motion No.14 of 2021.

Mr. Dikshat Mehra i/b Rajani Associates for insolvent in Notice of

Motion No. 15 of 2021.

Ms. Heena Shaikh i/b M.V. Kini and Co. for creditor-(L.I.C.).

Mr.Ketan Trivedi, Offcial Assignee present.

Ms. M.P. Kunte, Insolven Registrar present.

Mr. Subodh Patil, First Assistant to O.A. present.

***

CORAM : N.J. JAMADAR, J.

Reserved for Order on : 23^rd November 2021

For Pronouncement on: 21^st March 2022.

Shraddha Talekar, PS

SHRADDHA

KAMLESH

TALEKAR

Digitally signed by

SHRADDHA

KAMLESH TALEKAR

Date: 2022.03.21

17:49:31 +0530

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ORDER :

1.

The applicant, who claims to be the creditor of the

insolvents, has preferred the Notice of Motion No.14 of 2021 in

Insolvenc Petition No. 21 of 2019 under section 17 of the

Presidenc and Towns Insolvenc Act, 1909 (“the Act, 1909”) seeking

leave to continue, pursue and prosecute the Suit No.181 of 2017,

and implead the Offcial Assignee, as part defendant in the said

Suit No. 181 of 2017 on behalf of the insolvent (defendant No.2

therein), as the assignee of insolvent’s properties and assets.

2.

Notice of Motion No. 15 of 2021 in Insolvenc Petition No.

22 of 2019 is taken out with identical averments against Pujit

Ravikiran Aggarwal, the debtor in Insolvenc Petition No.22 of 2019,

who was also adjudged insolvent b a common judgment and order

dated 26^th Ma 2020.

3.

The facts necessar for determination of these Notices of

Motion can be summarized as under :

3.1

The applicant has instituted the Suit being Suit No. 181

of 2017 in this Court against (i) Orbit Corporation Limited (now in-

liquidation), (ii) Ravikiran Aggarwal (the Debtor who is now

adjudged insolvent), and (iii) Pujit Ravikiran Aggarwal (who also is

now adjudged insolvent) seeking, inter-alia, a declaration that the

Shraddha Talekar, PS

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Memorandum of Understanding dated 29^th December 2010,

executed b the above-named defendants, is a valid, subsisting and

binding contract, and, a direction that the above-named defendants

be ordered to specifcall perform the contract contained in the the

Memorandum of Understanding dated 29^th December 2010 (“suit

agreement”), and, in the alternative, the defendants be ordered to

pa to the applicant a sum of Rs.50,00,00,000/- towards damages

alongwith interest.

3.2

In the said Suit No. 181 of 2017, in the Notice of Motion

No.518 of 2017 taken out b the applicant, interim orders were

passed on 15^th March 2017 directing, inter-alia, not to create an

third part rights in respect of the project ‘Orbit Laburnum’ and in

the event an amount is received from an of the purchasers, the

same shall be deposited in a separate account.

3.3

During the pendenc of the said Notice of Motion, the

defendant No.1 therein, Orbit Corporation Limited was ordered to be

wound up b an order dated 12^th April 2018 in Compan Petition No.

593 of 2015. The applicant/plaintiff sought leave under section 446

of the Companies Act, 1956 to pursue and prosecute the said Suit

No.181 of 2017 and has since been granted necessar leave under

Shraddha Talekar, PS

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