1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN INSOLVENCY PETITION NO.2 OF 2005 Re: Rajinder Hardwardas Paul & anr. ..Debtors. Ex parte : Punjab and Maharashtra Co-operative Bank Ltd. ..Petitioning Creditor. ... Mr. U.S. Borade for the Petitioning Creditor. Debtor absent though served. ... CORAM: DR. D.Y. CHANDRACHUD, J. 19th August, 2006. P.C. : The Insolvency Petition is based on a recovery certificate issued by the Assistant Registrar, Co-operative Societies under Section 101 of the Maharashtra Co-operative Societies Act, 1960 on 28th May, 2001 in the sum of Rs.7,53,287.73 with interest on the principal sum of Rs.2,89,428/- at the rate of 20% per annum from 1st August, 2004 till payment. An Insolvency Notice was issued on 27th October, 2004 which was served on 29th and 30th October, 2004 on Debtors 1 and 2 respectively. The act of 2 insolvency was complete respectively on 4th and 5th December, 2004. The Insolvency Petition has been duly served and an affidavit of service has been filed. There is no reply to the Petition and the Debtors have failed to appear. In the circumstances, the Insolvency Petition has to be allowed and is accordingly allowed in terms of prayer clauses (a) and (b ).