1 nmis-13-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi NOTICE OF MOTION NO. 13 OF 2011 IN NOTICE NO. N/48 OF 2010. Re : Kamal C. Mahtani & Anr. ..Judgment Debtors. Ex-parte : N. Vensimal Finlease Pvt. Ltd. ..Judgment Creditors. .... Ms. Parvati, i/b. B.S. Chandanani, for Judgment Creditors. Ms. Kavita Shah, for Judgment Debtors. Mr. Kamal C. Mahtani, Judgment Debtor No.1, present. .... CORAM : S.J. KATHAWALLA, J. DATE : 19TH JULY 2011. P.C. : The following order is passed by consent of the parties :- (i) The Judgment Debtor No.1 Kamal C. Mahtani, who is present in Court undertakes to pay to the Judgment Creditors a sum of Rs. 38 lacs in full and final settlement of the Judgment Creditors as follows :- (a) Rs. 35 lacs on or before 16th August 2011. (b) The balance sum of Rs. 3 lac on or before 30th August 2011. (ii) Mr. Pishu Naraindas Harjani, the Director of the Judgment Creditors agrees and undertakes to accept the sum of Rs. 38 lacs as provided in clause (i) above in full and final settlement of the claim of the Judgment Creditors against the Judgment Debtor No.1. (iii) In the event of the Judgment Debtor No.1 committing default in payment of any of the aforestated two installments, the 2 nmis-13-11 Notice of Motion taken out by the Judgment Debtor No. 1 shall stand dismissed and the said default shall be treated as an act of Insolvency committed on behalf of the Judgment Debtor No.1 entitling the Judgment Creditors to file an insolvency Petition against the Judgment Debtor No.1. In the said Petition the objections raised in the present Notice of Motion shall not be raised by the Judgment Debtor. (iv) In the event of the Judgment Debtor making payment of the amount as stated in clause (i) above to the Judgment Creditors, the Insolvency Notice shall stand set aside and the Judgment Creditors shall not be entitled to make any further claims against the Judgment Debtor No.1. (v) The Notice of Motion No 13 of 2011 is accordingly disposed of. [ S.J. KATHAWALLA, J. ]