1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN INSOLVENCY INSOLVENCY PETITION NO. 63 OF 2007 Ramesh Harilal Shah .. Debtor Ex-Parte :- Narendra V. Mehta ..Petitioning Creditor Ms. Bhavana Shinde i/b. Mansukhlal Hiralal & Co. for the petitioner Credtor. Mr. Ramesh Harilal Shah-in person present. .... CORAM : S.J. KATHAWALLA, J. DATE : JANUARY 5, 2010. P.C. By this Petition the petitioning creditor is seeking an order of adjudication against the debtor abovenamed. According to the Petitioning creditor, the debtor is indebted to the Petitioning Creditor in the sum of Rs.3,50,000/- alongwith further simple interest at the rate of 18 % per annum as set out in Exhibit ‘A’ to the Petition, being the amount due under the decree of admission dated 23rd August, 2005 passed by this Court in Summary Suit No. 959 of 2004, in favour of the Petitioning Creditor and against the 2 debtor. 2. The Insolvency Notice No. N/83/2007 was issued at the instance of Petitioning Creditor against the debtor and was served on the debtor on 27th April, 2007. The debtor failed and neglected to pay the amount claimed in the notice and/or to take out any proceedings for setting aside of the said insolvency notice. The debtor has committed an act of Insolvency on 31st May, 2007. The debtor has filed his affidavit dated 10th December, 2007 wherein he has not disputed his liability to pay the decretal amount to the Petitioning Creditor and has stated that he is endeavouring to clear the dues set out in the petition at the earliest. However, on account of paucity of funds, he has failed to do so. He has submitted that in addition to the claim of the Petitioning Creditor there are other various decretal claims against him. He has stated that he has a 1/3rd share in the flat bequeathed to him by his father and that he has no objection in partitioning the said flat by metes and bounds and in selling his 1/3rd share in the said flat for clearance of his decretal dues payable under the Petition and other decrees. 3 3. The Petitioning Creditor and the debtor have rights since 18th December, 2007 repeatedly taken time on the ground that the matter is being settled between the Petitioning Creditor and the debtor. However, they have failed to settle the same despite two years having elapsed. 4. In view thereof, the Petition is made absolute in terms of prayer clause (a). 5. The Petition is, accordingly, disposed of. [ S.J.KATHAWALLA, J. ]