(1.) These two Notices of Motion are seeking the following reliefs: Notice of Motion No. 33/2011:
(2.) As far as the Notice of Motion No. 33/ 2011 is concerned, it is placed today for hearing and final disposal.
(3.) What has been argued by Mr. Parikh on behalf of the creditor/applicant is that with great difficulty the Court could ensure that the amount is brought in by the Insolvent (Rajesh Vora). Now it is disclosed by none else than the Insolvent himself that he is owner of a flat in the building "Maker Tower" at Cuffe Parade and more particularly described in prayer Clauses reproduced above. It has been argued by Mr. Parikh that conveniently and whenever it suits the Insolvent, he states that the property is not exclusively owned by him, but by HUF. That HUF is stated to have been consisting of father of Insolvent and one Shalin Vora. My attention is invited to the fact that the Insolvent owns a flat No. 154-B, Maker Tower. In relation to this flat, what has transpired is that the Insolvent had entered into a Memorandum of Understanding (MoU) along with his father Dhirubhai Vora with one M/s Spire Builders Private Limited. The recitals in this agreement are eloquent enough inasmuch as it has been stated that this flat would be sold for a price of Rs. 19.50 crores and that the said amount will be paid by the Transferee to the Transferors who are none else than the father of Insolvent and the Insolvent himself. The premises were acquired in the year 1979 in the joint names of Hakmichand Vora (HUF), Rajesh Vora (Insolvent) and Shalin Vora. Then recitals state that the Share Certificate dated 23.1.1988 issued by the Society stands in the names of Hakmichand Vora, Rajesh Vora and Shalin Vora. Although the names of Rajesh and Shalin were added in the names of purchasers, the said premises were acquired exclusively out of the funds of the HUF and Rajesh & Shalin never had any financial stake or interest in the said premises. It is contended by Mr. Parikh that the next recital is that at the time of acquisition of the premises and even till the date of MoU, this HUF consists of Dhirubhai Vora and his son Rajesh Vora. Thus, Shalin does not have any right, title and interest in the property and it is only HUF who is claiming the same as is indicated in Clauses (e), (f) and (g) of this agreement.