Hundalani Finance And Leas.Co.Ltd., v. Harshad Vyas

2025:BHC-OS:14859 Sayyed 19-OAR.53.2025.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS INSOLVENCY JURISDICTION OFFICIAL ASSIGNEES REPORT NO.53 OF 2025 IN INSOLVENCY PETITION NO.72 OF 2004 Re:- Harshad L. Vyas ...Debtor Ex parte:- Hundalani Finance & Leasing Co. Ltd.

...Petitioning Creditor _____________________________________________________ None for the parties.

Ms. C. J. Bhatt, Official Assignee a/w Mr. Subodh Patil, Deputy Official Assignee & Mr. D. B. Iswalkar, 1st Assistant O. A. present. Ms. Rekha Rane, Insolvency Registrar present. _____________________________________________________ CORAM :

JITENDRA JAIN, J.

DATED :

9 SEPTEMBER 2025 P.C.:

1.

After perusing the Official Assignee's Report, as against a claim of Rs.28,82,684/-, the amount lying in the estate account is only Rs.482/-. Furthermore, the report also records that the whereabouts of the Insolvent is unknown and, therefore, the schedule of assets and liabilities also cannot be filed as recorded in paragraphs 3 and 4 of the Official Assignee's Report. The report was also served on the Advocate for the Petitioner.

2.

Since the amount lying to the credit is only Rs.482/-, it does not make any sense in continuing with the insolvency proceedings. The said amount to be transferred to unclaimed dividend capital account as per Rule 178 of the Presidency Towns Insolvency Rules, 1910. 3.

Therefore, for administrative reason, the insolvency petition is closed and Official Assignee's Report is allowed. [ JITENDRA JAIN, J. ] Signed by: Sayyed Saeed Ali Designation: PA To Honourable Judge Date: 10/09/2025 18:40:13