The Official Assignee v. M.S.Jahubar Sadiq

in I.P.No.49 of 2010 C.SARAVANAN, J.

A voluntary insolvency proceedings was initiated by the respondent herein namely M.S.Jahubar Sadiq in I.P.No.49 of 2010, by an order dated 15.04.2020, the petition was allowed.

2. In this schedule of affairs filed by the respondent/insolvent, respondent has disclosed about 77 unsecured creditors stating that a sum of Rs.32,78,664/- was due to them. The office of the Official Assignee has received only about five claims from unsecured creditors for a total sum of Rs.54,50,769/- out of which, three claims alone have been admitted for a total sum of Rs.27,85,628/- of the following three persons:- Sl .N o Claim No Name of the claimant Claim amount Rs.

Admitted amount Rs.

Amount to be settled Rs.

264/2010 Religare Finvest Limited 2,38,107 2,38,107 2,38,107

Sl .N o Claim No Name of the claimant Claim amount Rs.

Admitted amount Rs.

Amount to be settled Rs.

499/2010 Rajam Steel Traders 21,55,453 21,55,453 7,00,000 501/2010 M/s.Amman Steel company 3,92,068 3,92,068 61,893 Rs.27,85,628 Rs.27,85,628 10,00,000

3. The report states that two of the claimants namely K.S.Kothandaraman (for M/s.Rajam Steel Traders) and U.Gurubaran (for M/s.Amman Steel Company) have agreed to restrict the claim to Rs.7,61,893/- respectively as detailed below: Claim No Name of the claimant Actual claim amount Rs.

Admitted amount Rs.

Claim restricted to Rs.

499/2010 K.S.Kothand araman (for M/s.Rajam Steel Traders) 21,55,453 21,55,453 7,00,000 501/2010 U.Gurubaran (for M/s.Amman Steel Company) 3,92,068 3,92,068 61,893 7,61,893

4. The learned Official Assignee submits that Religare Finvest Limited has not responded to the notice issued and has not filed any documents to substantiate the claim. It is submitted that despite notice being served, notice returned with an endorsement "no such address".

5. The learned Official Assignee further submits that the name of Religare Finvest Limited does not appear in the website of the Department of Corporate Affairs and whereabouts of the company are not known.

6. Considering the fact that no further claim have been made by the said company, the amount of Rs.2,38,107/- that was agreed to be settled to the said company is directed to be distributed pro rata in favour of the claimants namely K.S.Kothandaraman (for M/s.Rajam Steel Traders) and U.Gurubaran (for M/s.Amman Steel Company).

7. These applications stand disposed of with the above observations.

03.11.2023 jas

C.SARAVANAN, J.

jas in I.P.No.49 of 2010 03.11.2023