INPT/103/1968 of KRISHNAJI B and CO. Vs BACHUBHAI JAMNADAS on 7 January 1969

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

IN INSOLVENCY

REPORT NO. 162 OF 2006ININSOLVENCY NO. 103 OF 1968

ININSOLVENCY NO. 103 OF 1968

Re.: Bachubhai Jamanadas (Personal). ... Insolvent.

Ex-parte :

M/s. Krishnaji Bharmaty& Co.

... Petitioning Creditors......

Mr. G.G. Ketkar, 1st Asstt. to Official Assignee.

.....CORAM : DR. D.Y. CHANDRACHUD,J.22ND DECEMBER, 2006.P.C. :1.An order of adjudication was passed on 7th January1969. A pro-rata preferential dividend of Rs.0.100 ps.in a rupee was declared on 3rd July 1999. Thereafter, anamount of Rs.52,839.73 ps. due to three preferentialCreditors was transferred to the Unclaimed DividendCapital Account on 17th January 2003. At present, theaggregate assets in the hands of the Official Assignee areRs.28,509.67 ps. as against the Proved Preferential Liability of Rs.52,839.73 ps. The prayers of the Official Assignee are to the following effect :- (a)permitted to declare dividend on ProvedUnsecured Liability of Rs.110/-; The Official Assignee may be (b)The Official Assignee may bepermitted to pay interest Under Section49(6) of the Presidency Town Insolvency Act, 1909, to the Preferential andUnsecured Creditors;(c)That the Official Assignee may bepermitted to treat this Insolvency asAnnulled U/s. 21(1) of the Presidency TownInsolvency Act, 1909;(d)After paying interest as prayedhereinabove, balance may be permitted to berefunded to the Insolvent and account maybe closed for administrative purpose.

2. The Report is made absolute in terms of prayer clauses (a) to (d).

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