P CHANDRASEKAR Vs. OFFICIAL ASSIGNEE HIGH COURT MADRAS

JUDGEMENT

(1.) This application has been moved by the insolvent for grant of unconditional discharge from insolvency. The applicant was adjudicated as insolvent on his own petition vide order dated 03.09.2003. In consequent to the passing of order, the applicant filed schedule of affairs and notice of adjudication was sent to all the creditors to file their claim before the Official Assignee.

(2.) After adjudication of all the creditors, the petition was posted for public examination and the public examination commenced on 24.01.2007 and completed on 31.01.2007. There were 22 unsecured creditors to the tune of Rs. 40,42,040/- (Rupees Forty Lakhs Forty Two Thousand and Forty only) and 5 unsecured creditors of Rs. 3,60,130/- (Rupees Three Lakhs Sixty Thousand and One Hundred Thirty only) in the estate and Debtors to the tune of Rs. 33,29,862/- (Rupees Thirty Three Lakhs Twenty Nine Thousand Eight Hundred and Sixty Two only) and the assets valued at Rs. 4,73,650/- (Rupees Four Lakhs Seventy Three Thousand Six Hundred and Fifty only). The applicant, after administration in the estate, did not contract any debt nor committed any offence under the provisions of the Presidency-towns Insolvency Act or any other provisions of IPC. The applicant, therefore, prays for unconditional discharge.

(3.) On notice of the application, a report has been filed by the Official Assignee stating therein that the applicant has not committed any offence pertaining to insolvency proceedings covered under Sections 421 to 424 of Indian Penal Code.