1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Insolvency Petition No.37 of 2007 Chintu Deven Tanna & anr. ..Debtors vs. Ketan Chandrakant Shah ..Substituted Petitioning creditor. Mrs. Kavita Lalwani for substituted petitioning creditor. CORAM: S.J.KATHAWALLA J. 21st July, 2009 P.C. 1 According to the substituted petitioning creditor the debtors are indebted to them in the sum of Rs.53,406.83 paise being the amount due under the decree dated 15th October, 2005 in Summary Suit No.1028 of 2004 in Bombay City Civil Court at Bombay and further interest on Rs.25,000/- at the rate of 12% per annum from 22nd October, 2008 till payment. 2 By an order dated 25th November, 2 2008, the Counsel appearing for the debtors had informed the Court that the debtors were willing to pay the outstanding dues of the substituted petitioning creditor in instalments of Rs.7500/- p.m. and remainder amount, if any, will be paid in one last instalment. The debtors in accordance with the statement made before the Court on 25th November, 2008 were to start paying instalments on and from 10th December, 2008. It is clarified in the said order that in case of even one default committed by the debtors the matter will appear on board and proceed on merits. 3 The learned Advocate appearing for the substituted petitioning creditor informs the Court that except for two instalments of Rs.7500/- each the debtors have failed to pay any further instalments and, therefore, the matter should proceed on merits. The debtors and their Advocate are absent. 3 4 The substituted petitioning creditor as stated at the out set have obtained a decree in their favour and against the debtors dated 15th October, 2005 in Summary Suit No. 1028 of 2004. In view of the said decree, the petitioning creditor issued an insolvency notice no.N/233 of 2006 dated 17th November, 2006 for recovery of Rs.56,838.27 paise. The said insolvency Notice was served upon the debtor No.2 on 8th December, 2006 and upon debtor no.1 on 14th December, 2006. The debtor nos.1 and 2 failed to comply with the Insolvency Notice. The act of insolvency is committed by the debtor no.1 on 19th January, 2007 and by debtor no.2 on 14th January, 2007. 5 Pursuant to the order dated 21st October, 2008 passed by this Court the substituted petitioning creditor was substituted by amendment carried out on 10th November, 2008. The debtors have not come 4 forward to contest the petition. In view thereof the facts set out in the peition have gone uncontroverted. The contentions/averments made by the substituted petitioning creditor in the petition are accepted as true and correct. The petition is, therefore, made absolute in terms of prayer clause (a) which reads thus: (a) that this Honourable Court may be pleased to pass an order of adjudication against the Debtors abovenamed. (S.J.KATHAWALLA J.)