1 IN THE HIGH COURT OF JUDICATURE AT MADRAS (IN INSOLVENCY) MONDAY, THE 21st DAY OF JANUARY, 2019 THE HON'BLE MR.JUSTICE R.SURESH KUMAR IP. NO.42 OF 2010 In the matter of the Presidency Towns Insolvency Act, III of 1909 and In the matter of P.Samundi ... Debtor Mr.T.Suresh S/o.Sri. Raghuram Reddi No.16-C, Raja Street, Perambur, Chennai – 11. ... Petitioning Creditor Vs. P.Samundi, S/o.Sri.S.Periathambi Working at Southern Railway Carriage Works, Employee No. 71699, Technician Grade I Paint Shop, Perambur, Chennai – 23 residing at No.32/11, Punithan Flat, Bellord Street, Agaram, Chennai – 82. ... Debtor Insolvency Petition praying that this Hon'ble court be pleased to (a) adjudicate the debtor as an Insolvent (b) to direct that the estate of the debtor be vested in the Official Assignee of Madras, for the benefit of the general body of Creditor of the Debtor. (c) order that the costs of this petition be paid by the Official Assignee of Madras, from and out of the estate of the debtor to the petitioning creditor. https://hcservices.ecourts.gov.in/hcservices/ 2 The above Insolvency Petition coming on this day before this court for hearing in the presence of Mr.B.R.Sankaralingam, Advocate for the petitioning creditor and Mr.M.P.Saravanan, advocate for the Debtor herein and the the Official Assignee of this court herein; and the order of this Court herein dated 07.01.2019 herein, The Court made the following order:- According to the Official Assignee, the total claim was Rs.2,10,000/- of the creditor, who is the only creditor and there is no other claim so far. In the meanwhile, both the creditor as well as the insolvent have agreed to settle by paying a sum of Rs.1.80 lakhs alone as a full settlement and towards this, in order to show the bonafide, the insolvent has already deposited a sum of Rs.95,000/- (Rupees Ninety Five Thousand Only) to the learned Official Assignee. Therefore, the remaining amount of Rs.85,000/- (Rupees Eighty Five Thousand Only) has to be deposited by the Insolvent along with the administrative expenses to be incurred by the Official Assignee's office. In this regard, the learned counsel for the insolvent wants only a week's time to deposit the sum of Rs.85,000/- as well as the administrative expenses of the Official Assignee. https://hcservices.ecourts.gov.in/hcservices/ 3 2. Recording the said submission made by the learned counsel for the parties as well as the Official Assignee, post the matter on 28.01.2019. 3. In the meanwhile, the said remaining amount shall be deposited before the learned Official Assignee along with the administrative expenses, which would be disclosed by the learned Official Assignee after completing the calculation. Post the matter on 28.01.2019. In the meanwhile, it is open to the insolvent to file application for annulment. WITNESS, THE HON'BLE SHRIMATI, VIJAYA KAMLESH TAHILRAMANI, CHIEF JUSTICE, HIGH COURT AT MADRAS, AFORESAID THIS THE 21st DAY OF JANUARY 2019. SD/- ASSISTANT REGISTRAR Original Side – I //CERTIFIED TO BE TRUE COPY// DATED THIS THE DAY OF 2019 MANAGER INSOLVENCY OFFICE From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format. https://hcservices.ecourts.gov.in/hcservices/ 4 cns-22.01.2019 HIGH COURT, MADRAS I.P.NO.42 OF 2010 THE HON'BLE MR.JUSTICE R.SURESH KUMAR ORDER DATED:21.01.2019 FOR APPROVAL: 22/01/2019 APPROVED ON : 23/01/2019 COPY TO:- THE OFFICIAL ASSIGNEE HIGH COURT, MADRAS. https://hcservices.ecourts.gov.in/hcservices/