1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION NOTICE OF MOTION NO. 28 of 2009 IN INSOLVENCY PETITION NO. 114 of 2002 Re: Nayan Premchand Shah Ex-parte: Shri Mansukhlal Chimanlal Shah ....Petitioning Creditor Mr. P.G.Desai for the Petitioning creditor. Mr. N.M. Shah for the Debtor. CORAM:- A.M.KHANWILKAR, J DATED:- July 07, 2009. P.C. The Applicant is inclined to furnish sufficient security to cover the outstanding claim amount. According to Official Assignee, the Applicant would be liable to pay amount to the extent of Rs. 2,65,000/- approximately whereas Counsel for the Creditors submit that the amount would be upto Rs. 5,00,000/-. Without entering into this controversy, the applicant is offering adequate solvent security by offering the residential flat situated at 12, Rahul Building, 7th floor, 2 34, Walkeshwar Road, Mumbai 400 006 which is owned and possessed by his wife Meena Nayan Shah. The Official Assignee may allow the Applicant to withdraw the balance amount lying with the Official Assignee only after being satisfied about the genuineness of the security offered by the Applicant and further undertaking to be given by the Applicant that the Applicant would bring back the amount as and when demanded by the Official Assignee within two weeks from the date of demand failing which it will be open to the Official Assignee to proceed against immovable property of the Applicant’s wife which is being offered by the Applicant. Official Assignee shall ensure that the Applicant’s wife also gives such declaration to support the claim of the Applicant as condition precedent. 2. The Creditor shall ensure that the certified copy of the decree is filed with the Official Assignee not later than 31st December, 2009. 3. This motion is disposed of in the above terms. (A.M.KHANWILKAR, J)