Deepak Rasiklal Shah v. Creditor
Case at a glance
Provisions considered
Judgment
Mr.S.P.Jog for insolvent nos.1,3 and 4 Mr.Y.C.Parikh, Official Assignee present. CORAM: S.J.KATHAWALLA J. 21st July, 2009 P.C. 1 This Notice of Motion is taken out by the insolvent interalia seeking direction against official assignee to pay to them an amount of Rs.10,00,000/- each lying with the Official Assignee. Official Assignee informs the Court that approximately a sum of Rs. 87,00,000/- is lying with him. However, he has to pay interest to the creditors under section 49(6) of the Presidency Towns Insolvency Act, 1909. Official Assignee is, 2 therefore, directed to pay interest to the creditors as required under sec.49(6) and thereafter submit his report inter alia setting out as to whether he has any balance lying in the insolvency account. Upon such report being produced before the Court insolvent shall be at liberty to take out a notice of motion seeking appropriate directions/reliefs. In view thereof, the notice of motion stands disposed off with no order as to costs. (S.J.KATHAWALLA J.)
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
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