Lsp IN IN IN THE THE THE HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION IN IN IN INSOLVENCY INSOLVENCY INSOLVENCY INSOLVENCY PETITION NO. 71 of 2007 Shri Kirit Chimanlal Kavathia ..Jud. Creditor V/s. Kedar Parshuram Pande ..Jud. Debtor Mr. M.L.Palan i/b. M.K. Khatri & Co. for Jud. creditor. Mr. M.S.Prasad for Debtor. CORAM CORAM CORAM : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. DATED DATED DATED : 18th November, 2008 : 18th November, 2008 : 18th November, 2008 P.C. . Heard Counsel for the parties. Perused the pleadings and documents on record. It is not in dispute that consent decree was passed against the Judgment Debtor on 1st February, 2007 in the sum of Rs. 21 lacs alongwith interest at the rate of 21% till the amount was paid and realised by the Judgment Creditor. It is not in dispute that the Judgment Debtor has not paid even part payment out of the decretal amount. As a result, Petitioning Creditor took out insolvency notice on 14th March, 2007 which it is a common ground was duly served on the Judgment Debtor on 17th March, 2007. As a matter of fact the Judgment Debtor took out notice of motion no. 55/2007 to set aside the insolvency notice which was, however, rejected on 21st August, 2007. Considering the above said admitted facts, I have no 2 hesitation to accede to the request of the petitioning creditor that the Judgment Debtor should be declared insolvent. In as much as, the outstanding dues payable by the Judgment Debtor to the Petitioning Creditor as on 31st January, 2007 was in the sum of Rs. 51,87,000/-. To get over this position, Counsel for the Judgment Debtor argued that he would be in a position to offer four flats admeasuring about 350 sq. feet situated at Anandnagar, Jogeshwari (W) in lieu of decretal amount payable to the Petitioning Creditor. The offer made by the Judgment Debtor is not acceptable to the petitioning creditor. Besides, it is common ground that in addition to the present petitioning creditors, there are other creditors who are waiting in queue for recovery of their dues from the Judgment Debtor. Taking over all view of the matter, as the Judgment Debtor is unable to pay debts, petition is made absolute in terms of prayer clause (a). Official Assignee to take necessary steps in terms of this order in relation to the assets and properties of the Judgment Debtor. [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.]