Madras High Court
CIVIL APPEAL 145 of 2008 on 27 September 1999
IN THE HIGH COURT OF JUDICATURE AT MADRAS
(IN INSOLVENCY)
MONDAY, THE 29TH DAY OF NOVEMBER 2021
THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHYAPPLN NO.145 OF 2008
IN I.P.NO.48 OF 2000
I.P.No.48 of 2000:-
In the matter of Presidency Town Insolvency Act (III of 1909) and In the matter of P. Ramji.
S.Jagan Mohan Rao,Proprietor, M/s.Jay Em Exports,310, Mount Road,Teynampet,S.I.E.T Administrative Block,Chennai – 600 018....Petitioner -Vs-
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1. P.Ramji,No.118/1, Saptagiri Colony,7[th] Avenue, Anna Nagar,Chennai – 600 040....1[st] Respondent/Debtor
2. The Park Town Benefit Fund Limited,No.223, Mint Street, Chennai – 600 003....2[nd] Respondent/Mortgage
3. Prakash,C/o.M/s.Balajee & Co.,No.103, Nyniappa Naicken Street,Chennai – 600 003....3[rd] Respondent/Transferee
4. Rajendra Kumar Bhulkumul Shah,No.18, Audiappa Naicken Street,
2
Chennai – 600 079.
.5. Prasanna,W/o.Rajendra Kumar Bhulkumul Shah,No.18, Mulla Sahib Street,Chennai – 600 079.
...4[th] Respondent/Transferee
...5[th] Respondent/Transferee
APPLN.NO.145 OF 2008:
Official Assignee,High Court, Madras.
...Applicant-VS-
1. P.Ramji
...1[st] Respondent/Insolvent...2[nd] Respondent/Transferee
2. Rajendra Kumar Bhabutmal Shah3. PrasannaW/o. Rajendra Kumar Shah
...3[rd] Respondent/Transferee
Application praying that this Hon'ble Court be pleased to pass an orders to (i) declare that the transfer of the property bearing No.118/1, Sapthagiri Colony, Anna Nagar, Chennai – 40 morefully described in the Schedule here-under effected by the 1[st] Respondent/Insolvent in favour of the 2[nd] and 3[rd] Respondents Rajendra Kumar Bhabutmal Shah and Prasanna, W/o.Rajendra Kumar Shah vide Sale deed No.2698/99 dated 27.09.1999 shall be void against the Official Assignee. (ii) grant a warrant seizure in favour of the Official Assignee to seize the property from the custody / possession of the 4[th] and 5[th] Respondents herein or from any other person and with a view to such seizure to break open the doors of the said flat of the Schedule Mentioned Property and with a further direction to the area Police Officer to render necessary assistance for such seizure in case of necessity. (iii) direct the Respondents to deliver the Sale Deed in Document No.2698/99 dated 27.09.1999 in their possession relating to the Schedule mentioned property to the Official Assignee (iv) suitable award of mense profit at the market rate for three years prior to the date of setting aside the sale in favour of the Official Assignee. (v)permit the Official Assignee to sell the Schedule mentioned property in Public Auction.
The above application coming on this day before this court for hearing in the presence of the Official Assignee, the applicant herein; M/s.G.Sridevi, Advocate for the Petitioning Creditor herein; Mr.T.Srikanth, advocate for respondents 2 & 3/Transferees herein; and upon reading the Judges Summon and Report of the Official Assignee filed herein andthe Joint Memorandum of Compromise dated 19/11/2021 filed in Tamil Nadu Mediation and Conciliation Centre ; and this court having observed that on Perusal of the joint Memorandum of Compromise, it is evident that the said joint Memorandum of Compromise has been signed by the petitioning creditor, the transferee and the Official Assignee, and in view of the receipt of consideration by the Official Assignee in terms of the joint Memorandum of compromise, the transferee shall be at liberty to deal with the property and this court doth recording the same and it is ordered as follows:-
1. That if 2[nd] and 3[rd] respondent who are the transferee not liable to the debt and agreed to pay a sum of Rs.2,99,555/-(Rupees Two lakhs ninety nine thousand five hundred and fifty five only) the Petitioning Creditor agrees to receive the same as full and final settlement and the said proposal was agreed by all the parties hereto.
2. That the Transferee, the Respondent 2 and 3 shall deposit the amount of Rs.2,99,555/-(Rupees Two lakhs ninety nine thousand five hundred and fifty five only) with the Official Assignee and pay 7% of the afore said sum as Government commission and Rs.5,000/-(Rupees Five thousand only) towards Administrative charges to the Official Assignee, High Court, Madras.
3. That on deposit of the said sum, the Official Assignee shall raise any lien or encumbrance created with the Sub Registrar.
4. That the Official Assignee agrees to take out steps to raise the order of injunction passed by the High court and for which, the Petitioning Creditor shall also consent from the date of entering into this Memorandum of Compromise, the 2[nd ] and 3[rd] respondent shall be free to deal with the property on any manner what so ever.
5. That the Official Assignee be and is hereby directed to initiate consequential action to efface any entries made in respect of the relevant property before the jurisdictional Sub-Registrar.
WITNESS, THE HON'BLE MR.JUSTICE MUNISHWAR NATH BHANDARI, ACTING CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 29TH DAY OF NOVEMBER 2021.
SD./-
ASSISTANT REGISTRAROriginal Side – I
//CERTIFIED TO BE TRUE COPY//DATED THIS THE DAY OF 2021.
MANAGER
INSOLVENCY OFFICE
From 25[th] Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.
PK13/12/2021
HIGH COURT, MADRAS
APPLN.NO.145 OF 2008IN I.P.NO.48 OF 2000
THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY
ORDER DATED: 29.11.2021
FOR APPROVAL: 14/12/2021
APPROVED ON : 14/12/2021
COPY TO:-
The Official Assignee,High Court, Madras.