IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INSOLVENCY PETITION No. 04 OF 2008 Dilipkumar Ramchand Makhija ...Petitioning debtor Vs. Bhawan Bhupendra Gandhi ...Petitioning creditor Ms.Kavita Lalwani for the petitioning debtor. Petitioning creditor/ Defendant in person. CORAM : S. J. VAZIFDAR, J. DATE : FEBRUARY 18, 2009 PC 1. The petitioner seeks an order of adjudication against the judgment debtor who admittedly is indebted to the petition in the sum of Rs.69,000/- which includes interest at 12% per annum. 2. The decree was passed after the matter was contested before the trial court. The decree attained finality. There is no defence. The judgement debtor however prays for time to pay the amount. 3. The petitioning creditors had spent considerable time in prosecuting the litigation. I am not therefore inclined to grant a period of one year as requested. 4. However, with a view to afford the judgment debtor one more opportunity, the following order is passed: - 2 - (i) In the event of the judgment debtor paying a sum of Rs.70,000/- on or before 31st May, 2009, the petition shall stand dismissed. (ii) In the event of the judgment debtor failing to pay the said amount the petition shall be made absolute in terms of prayer (a) without further reference to the court. Sd/- [ S. J. VAZIFDAR, J.]