Apna Sahakari Bank Ltd., v. Shyamlal M. Gandhi And Others
rsk
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS INSOLVENCY JURISDICTION
(11) OFFICIAL ASSIGNEE'S REPORT NO.67 OF 2025 IN INSOLVENCY PETITION NO.109 OF 2003 Re:Sheeldhar Shaktidhar Pande and anr.
...Debtors Ex-Parte :
The State Industrial & Investment Corporation of Maharashtra Limited ....Petitioning Creditor WITH
(12) OFFICIAL ASSIGNEE'S REPORT NO.68 OF 2025 IN INSOLVENCY PETITION NO.82 OF 2003 Re:Suresh Lala and anr.
...Debtors Ex-Parte :
SICOM Limited ....Petitioning Creditor WITH
(13) OFFICIAL ASSIGNEE'S REPORT NO.69 OF 2025 IN INSOLVENCY PETITION NO.90 OF 2004 Re: Shankar Shyamlal Gandhi and Others ...Debtors Ex-Parte :
Apna Sahakari Bank Ltd.
....Petitioning Creditor WITH
(14) OFFICIAL ASSIGNEE'S REPORT NO.70 OF 2025 IN INSOLVENCY PETITION NO.91 OF 2004 Re: Shankar Shyamlal Gandhi and Others ...Debtors Ex-Parte :
Apna Sahakari Bank Ltd.
....Petitioning Creditor WITH
(15) OFFICIAL ASSIGNEE'S REPORT NO.71 OF 2025 IN INSOLVENCY PETITION NO.92 OF 2004
Re: Shyamlal M. Gandhi and Others ...Debtors Ex-Parte :
Apna Sahakari Bank Ltd.
....Petitioning Creditor WITH
(16) OFFICIAL ASSIGNEE'S REPORT NO.72 OF 2025 IN INSOLVENCY PETITION NO.93 OF 2004 Re: Shyamlal M. Gandhi and Others ...Debtors Ex-Parte :
Apna Sahakari Bank Ltd.
....Petitioning Creditor WITH
(17) OFFICIAL ASSIGNEE'S REPORT NO.73 OF 2025 IN INSOLVENCY PETITION NO.94 OF 2004 Re: Shyamlal M. Gandhi and Others ...Debtors Ex-Parte :
Apna Sahakari Bank Ltd.
....Petitioning Creditor WITH
(18) OFFICIAL ASSIGNEES REPORT NO.74 OF 2025 IN INSOLVENCY PETITION NO.106 OF 2004 Re: M. K. Gandhi ...Debtor Ex-Parte :
Sunil C. Doshi ....Petitioning Creditor ---- Mr. Priyadarshan V. Shah, for the Petitioning Creditor in OAR No.67/2025 and 68/2025.
Mr. Prasd M. Gaonkar, for the Petitioning Creditor in OAR No.69/2025, 70/2025, 71/2025, 72/2025 and 73/2025. Ms. Amita H. Pande, Manager Legal Representative of Apna Sahakari Bank present in person.
Ms. C. J. Bhatt, Official Assignee a/w Mr. Subodh Patil, I/c. Insolvency Registrar/Deputy O.A. and Mr. D. B. Iswalkar, 1st Assistant O.A. present.
----
CORAM :
Jitendra Jain, J.
DATED :
7 November 2025 PC:- 1.
The Official Assignee's report states that the balance lying in the estate account is far less than the amount of the debt and therefore, it is not feasible to pursue the said proceedings. 2.
I have perused the Official Assignee's report and on being satisfied that the amount lying in the estate account is few hundred/thousands whereas the debts runs into lakhs/crores, it would not be in the interest of administration to pursue and keep the present proceedings pending. Therefore, the amount lying in the estate account is directed to be transferred to the Unclaimed Dividend Capital Account as per Section 178 of the Presidency Town Insolvency Rules, 1910 and the estate be treated as closed for administrative purpose.
3.
In all these matters the whereabout of the insolvent is unknown. Official Assignee's report is allowed in terms of prayer clauses (a), (b) and (c). Inspite of the statement made by the creditors that they would provide details and hold a meeting, since the same has not been done, which is one of the reasons for closing the estate account.
4.
In all these matters the Official Assignee's report has been served, except in item 18 where the person to be served was not found.
(Jitendra Jain, J)