INPT/51/1953 of M/S LAXMICHAND SHAMJI and ORS. Vs H.M. HOOSAIN A FIRM on 18 April 1953

IN THE HIGH COURT OF JUDICATURE AT BOMBAYIN ITS INSOLVENCY JURISDICTION

OFFICIAL ASSIGNEE’S REPORT DATED 1ST DECEMBER, 2006ININSOLVENCY NO. 51 OF 1953

INSOLVENCY NO. 51 OF 1953

Re: M/s. Haji Mohammed Hoossain, a firm. ... Insolvent.

Ex-parte :M/s. Laxmichand Shamji & Co.

... Petitioning Creditor.

....

Mr. Y.C. Parikh, Official Assignee present.

.....

CORAM : DR. D.Y. CHANDRACHUD,J.

05th DECEMBER 2006.

P.C. :1.An order of adjudication was passed on 18th April1953. The pro-rata dividend of Rs.0.65 ps. in a rupeewas declared on 25th February 1977 on the provedpreferential liability of Rs.1,83,569.61 ps. and furtherfirst and final dividend of Rs.0.80 ps. in the rupee tothe unsecured Creditors on proved unsecured liability ofRs.1,38,308/-. At present there is a cash balance of Rs.10,665.31 ps. and Rs.4,79,619/- invested with aNationalised Bank. Thus, the aggregate amount ofRs.4,90,284.31 ps. is lying in the estate as against the Unsecured Liability of Rs.2,28,743.20 ps. No further recoveries are possible.

2. The Official Assignee has prayed for permission to declare the second and final dividend on unsecured proved liability.

3. Prayer clause (a) of the report of the Official Assignee is accordingly granted.