IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN INSOLVENCY INSOLVENCY PETITION NO.82 OF 2007 Re: M/s.Adarsh Silk Mills & Ors. ...Debtors Ex-parte : M/s.Shree Varun Trading Co. ...Petg.Creditors ...... Mr.Tushar Goradia for Petitioning Creditors. None for Debtors. ...... CORAM: A.M.KHANWILKAR, J. CORAM: A.M.KHANWILKAR, J. CORAM: A.M.KHANWILKAR, J. NOVEMBER 19, 2008. NOVEMBER 19, 2008. NOVEMBER 19, 2008. P.C. P.C. P.C. 1. The present Petition is founded on the decree passed by the Court against the Debtors on 21st January 2003 in Summary Suit No.1063 of 1993. As the Debtors failed to pay the amount, Insolvency Notice No.N/81 of 2007 dated 21st March 2007 was issued, which was duly served on the Debtors on 26th July 2007 by substituted service. The debtors failed to pay the decretal amount. In that sense, act of insolvency was completed on 31st August : 2 : 2007. 2. As the Debtors failed to pay the amount or offer any explanation for non-payment, Petitioning Creditor has had no option but to take out the present action, which has been filed on 27th November 2007. The Debtors have been duly served on 12th November 2008 with substituted notice in the present action as per the liberty given to the Petitioning Creditor to effect service by substituted mode. Inspite of such service, none appears for the Debtors. No reply has been filed. 3. As no explanation has been offered on behalf of the Debtors, Petition ought to succeed in terms of prayer clauses (a) and (b). Ordered accordingly. A.M.KHANWILKAR, J.