1 IN THE HIGH COURT OF JUDICATURE AT MADRAS (IN INSOLVENCY) MONDAY, THE 29TH DAY OF NOVEMBER 2021 THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY APPLN NO.145 OF 2008 IN I.P.NO.48 OF 2000 I.P.No.48 of 2000:- In the matter of Presidency Town Insolvency Act (III of 1909) and In the matter of P. Ramji. S.Jagan Mohan Rao, Proprietor, M/s.Jay Em Exports, 310, Mount Road, Teynampet, S.I.E.T Administrative Block, Chennai – 600 018. ...Petitioner -Vs- 1.P.Ramji, No.118/1, Saptagiri Colony, 7th Avenue, Anna Nagar, Chennai – 600 040. ...1st Respondent/Debtor 2. The Park Town Benefit Fund Limited, No.223, Mint Street, Chennai – 600 003. ...2nd Respondent/Mortgage 3. Prakash, C/o.M/s.Balajee & Co., No.103, Nyniappa Naicken Street, Chennai – 600 003. ...3rd Respondent/Transferee 4. Rajendra Kumar Bhulkumul Shah, No.18, Audiappa Naicken Street, 2 Chennai – 600 079. ...4th Respondent/Transferee . 5. Prasanna, W/o.Rajendra Kumar Bhulkumul Shah, No.18, Mulla Sahib Street, Chennai – 600 079. ...5th Respondent/Transferee APPLN.NO.145 OF 2008: Official Assignee, High Court, Madras. ...Applicant -VS- 1.P.Ramji ...1st Respondent/Insolvent 2. Rajendra Kumar Bhabutmal Shah ...2nd Respondent/Transferee 3. Prasanna W/o. Rajendra Kumar Shah ...3rd Respondent/Transferee Application praying that this Hon'ble Court be pleased to pass an orders to (i) declare that the transfer of the property bearing No.118/1, Sapthagiri Colony, Anna Nagar, Chennai – 40 morefully described in the Schedule here-under effected by the 1st Respondent/Insolvent in favour of the 2nd and 3rd Respondents Rajendra Kumar Bhabutmal Shah and Prasanna, W/o.Rajendra Kumar Shah vide Sale deed No.2698/99 dated 27.09.1999 shall be void against the Official Assignee. (ii) grant a warrant seizure in favour of the Official Assignee to seize the property from the custody / possession of the 4th and 5th Respondents herein or from any other person and with a view to such seizure to break open the doors of the said flat of 3 the Schedule Mentioned Property and with a further direction to the area Police Officer to render necessary assistance for such seizure in case of necessity. (iii) direct the Respondents to deliver the Sale Deed in Document No.2698/99 dated 27.09.1999 in their possession relating to the Schedule mentioned property to the Official Assignee (iv) suitable award of mense profit at the market rate for three years prior to the date of setting aside the sale in favour of the Official Assignee. (v)permit the Official Assignee to sell the Schedule mentioned property in Public Auction. The above application coming on this day before this court for hearing in the presence of the Official Assignee, the applicant herein; M/s.G.Sridevi, Advocate for the Petitioning Creditor herein; Mr.T.Srikanth, advocate for respondents 2 & 3/Transferees herein; and upon reading the Judges Summon and Report of the Official Assignee filed herein and the Joint Memorandum of Compromise dated 19/11/2021 filed in Tamil Nadu Mediation and Conciliation Centre ; and this court having observed that on Perusal of the joint Memorandum of Compromise, it is evident that the said joint Memorandum of Compromise has been signed by the petitioning creditor, the transferee and the Official Assignee, and in view of the receipt of consideration by the Official Assignee in terms of the joint Memorandum of compromise, the transferee shall be at liberty to deal with the property and this court doth recording the same and 4 it is ordered as follows:- 1. That if 2nd and 3rd respondent who are the transferee not liable to the debt and agreed to pay a sum of Rs.2,99,555/-(Rupees Two lakhs ninety nine thousand five hundred and fifty five only) the Petitioning Creditor agrees to receive the same as full and final settlement and the said proposal was agreed by all the parties hereto. 2. That the Transferee, the Respondent 2 and 3 shall deposit the amount of Rs.2,99,555/-(Rupees Two lakhs ninety nine thousand five hundred and fifty five only) with the Official Assignee and pay 7% of the afore said sum as Government commission and Rs.5,000/-(Rupees Five thousand only) towards Administrative charges to the Official Assignee, High Court, Madras. 3. That on deposit of the said sum, the Official Assignee shall raise any lien or encumbrance created with the Sub Registrar. 4. That the Official Assignee agrees to take out steps to raise the order of injunction passed by the High court and for which, the Petitioning Creditor shall also consent from the date of entering into this Memorandum of Compromise, the 2nd and 3rd respondent shall be free to deal with the property on any manner what so ever. 5. That the Official Assignee be and is hereby directed to initiate consequential action to efface any entries made in respect of the relevant 5 property before the jurisdictional Sub-Registrar. WITNESS, THE HON'BLE MR.JUSTICE MUNISHWAR NATH BHANDARI, ACTING CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 29TH DAY OF NOVEMBER 2021. SD./- ASSISTANT REGISTRAR Original Side – I //CERTIFIED TO BE TRUE COPY// DATED THIS THE DAY OF 2021. MANAGER INSOLVENCY OFFICE From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format. 6 PK 13/12/2021 HIGH COURT, MADRAS APPLN.NO.145 OF 2008 IN I.P.NO.48 OF 2000 THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY ORDER DATED: 29.11.2021 FOR APPROVAL: 14/12/2021 APPROVED ON : 14/12/2021 COPY TO:- The Official Assignee, High Court, Madras.