AKSHAY D. THAKKAR Vs. KOTAK MAHINDRA BANK LIMITED

JUDGEMENT

(1.) By an Order dated 22nd April, 2010 in Insolvency Petition No.5 of 2010, the Appellant - Akshay B. Thakkar was adjudicated insolvent.

(2.) Thereafter, by an Order dated 3rd December, 2014 passed in Notice of Motion No.52 of 2014, the Order of adjudication dated 22nd April, 2010 was annulled under Section 22(1) of the Presidency Towns Insolvency Act, 1909 ("Insolvency Act").

(3.) Respondent No.1 Bank i.e. Kotak Mahindra Bank Ltd., filed a Notice of Motion No.22 of 2018 seeking recall of the Order of annullment dated 3rd December, 2014 primarily on the ground that the Appellant deliberately concealed from the Court, the fact that the Respondent Bank herein was one of the creditors, having a recovery certificate from the Debts Recovery Tribunal ("DRT") and therefore, without considering the Respondent's claim, the Order of annulment ought not to have been passed.