INPT/118/1954 of M/S M. GULABDAS and CO. Vs BHAGGWANDAS N. DIVECHA on 18 February 1955

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

IN ITS INSOLVENCY JURISDICTION

OFFCIAL ASSIGNEE'S REPORT DT.18TH NOVEMBER, 2006

INPETITION NO.118 OF 1954

Re: Bhagwandas N. Divecha..Insolvent.Ex-parte:M/s. M. Gulabdas & Co... Petitioning Creditor....

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

CORAM: DR. D.Y. CHANDRACHUD, J. 21[st] November, 2006.

P.C.:

An order of adjudication was passed on 15[th] February,1955. The Official Assignee declared a first dividend @ 0.46/1/2paise in a rupee to the preferential creditors on 16[th] March, 1960.Thereafter further pro-rata preferential dividend @ 0.01 paise in arupee was declared on 31[st] December, 1965 and @ 0.14 paise ina rupee was declared on 20[th] August, 2002. At present an amountof Rs.8,528.88 is lying to the credit of the estate account. TheOfficial Assignee has prayed that the balance of Rs.8,528.88 maybe transferred to the unclaimed dividend capital account underRule 178 of the Bombay Insolvency Rules, 1910 and thereafter tothe unclaimed dividend capital revenue account and the account may be closed for administrative purposes. Having regard to the circumstances set out in the report of the Official Assignee, there isno reason why the prayer should not be granted. Prayer clause (a)of the report of the Official Assignee is accordingly granted.