PATEL CORPORATION Vs. RAMNIK PASU GALA

JUDGEMENT

(1.) The petitioning creditor seeks an order of adjudication of insolvency against debtor No. 1 in the first petition and against debtor No. 2 in the second petition. Debtor No. 1 is M/s Patel Corporation, a partnership firm of which debtor No. 2, Bhikha G. Patel, and his brother Suresh Patel were partners.

(2.) By an order and judgment dated 20-1-2005 in Summons for Judgment No. 100 of 2004 in Summary Suit No. 4082 of 2003 this Court passed a decree against the debtors and the said Suresh Patel in the sum of about Rs. 57,60,388 together with interest at 12% per annum on the principal sum of Rs. 40,00,000.

(3.) Suresh Patel challenged the said decree by filing Appeal No. 814 of 2005. The Appeal Court has stayed the decree against Suresh Patel subject to the condition of his depositing Rs. 20,00,000 which he did.