1 IN IN IN THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION IN INSOLVENCY INSOLVENCY PETITION NO.12 OF 2008 WITH NOTICE OF MOTION NO.48 OF 2008 Re: Ravi Subramanian ..Debtor. Ex-parte: HSBC Bank, USA. ..Petitioning Creditors. Mr.G.R.Mehta i/b. M/s.Kanga & Co. for Petitioning creditors. Mr.Sanjay Jain for debtor. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : OCTOBER 21, 2008. : OCTOBER 21, 2008. : OCTOBER 21, 2008. P.C. P.C. P.C. : : : 1. None appears for the Judgment Debtor though served. No reply has been filed to counter the case made out in the Petition. From the averments in the Petition, which are supported by documentary evidence, it is seen that decree has been passed by Court of competent jurisdiction against the Judgment Debtor in the sum of over Rs.1.08 crores. There is nothing on record to indicate that the Debtor would be able to satisfy the said decree. On the contrary, the debtor has avoided to appear in the present proceeding inspite of service. Accordingly, the Petition is made absolute in terms of prayer clause (a). 2 2. Official Assignee to take over the assets and properties of the debtor and proceed in accordance with the law. 3. In view of the order passed in the Insolvency Petition, nothing survives for consideration in Notice of Motion No.48 of 2008. 4. It is made clear that the Official Assignee shall be obliged to take over all the assets and properties of the debtor forthwith and proceed in accordance with the law. All questions raised by the third party in respect of property at Gulshan Villa, 1st floor, Union Park, Bhulabhai Desai Road, Breach Candy, Mumbai are left open to be considered at the appropriate stage on its own merits. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)