pmw *1* nms.32-2011-903.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION NOTICE OF MOTION NO. 32 OF 2011 IN INSOLVENCY PETITION NO. 49 OF 1987 Deepak Rasiklal Shah. ... Petitioning Creditor -Versus- M/s. Shantilal Jewellers and others ... Insolvents None for the Petitioning Creditor. Mr. U.J. Makhija i/b. Anil P. Bagwe for Insolvent. Mr. S.T. Kapse, Official Assignee present. CORAM : S.C.DHARMADHIKARI, J. Date : 20th September, 2011. P.C.: 1. This is a Notice of Motion by the Insolvent praying that the Official Assignee be permitted to make provision towards amount of interest due and payable to the creditors as per section 49(6) of the Presidency Towns Insolvency Act, 1909 and make payment of interest of the amount available to the credit of the insolvent of the above insolvency matter and that an order of adjudication made on 3rd of November, 1987 be annulled as full payment has been made and thereafter, whatever amount is lying on account of the said matter be returned to the insolvent pmw *2* nms.32-2011-903.sxw No.3 & 4. 2. After having heard the Official Assignee and Mr. Makhija appearing on behalf of the insolvent and perusing the affidavit in support, I am of the opinion that the relief as prayed deserves to be granted subject, however, to payment of commission in terms of Rule 180 (b)(iv) of the Bombay Insolvency Rules, 1910 and payment of interest to all creditors. Similarly, the expenses towards postal charges be deducted from the amount lying with the Official Assignee. 3. Official Assignee states that the entire exercise of payment of interest of 497 creditors would be completed within a period of 6 weeks from today and, thereafter, whatever are lying to the credit of the insolvency proceedings will be returned to Insolvent No.3 and 4. It is stated by him that he would pay the amounts after taking commission and the postal charges but in no case he would delay the matter beyond a period of 6 weeks from today. The undertaking of Insolvent No.3 is accepted. The Motion as well as the report, if any is disposed of accordingly. The undertaking of Insolvent No.3 is accepted. (S.C. Dharmadhikari, J)