SHAILESH HARINARAYAN BAJAJ Vs. CREATIVE GARMENTS LIMITED

JUDGEMENT

(1.) THIS Notice of Motion has been taken out on behalf of the applicant/judgment Debtor praying that it may be held that the applicant has not committed any act of insolvency in Notice No. N/55 of 1998; in the alternative and without prejudice to prayer (a), in terms of prayer b (i) to condone the delay made by the applicant in making payment of Rs. 10 lacs to respondent No. 1, (ii) extend the time for making payment of Rs. 10 lacs from 2-9-1998 to 14-10-1998 and condone delay in taking out this Notice of Motion.

(2.) IN the Notice of Motion as taken out, the applicant/judgment debtor has also prayed that the Insolvency Notice No. N/55 of 1998 be set aside and Insolvency Petition No. 54 of 1998 taken out by respondent No. 1 (judgment creditor in Notice No. N/55 of 1998) against the applicant be dismissed and also for dismissal of Insolvency Petition No. 65 of 1998 taken out by respondent No. 2 herein (petitioning creditors in Petition No. 65 of 1998) against the applicant/ judgment debtor.

(3.) THIS application has been made on behalf of the applicant as it is the case of the applicant/judgment Debtor that there were several disputes between the parties on account of financial dealings with the applicant herein, his father Harinarayan Bajaj, his brother Rahul Bajaj and Creative Group of Companies with which respondents Nos. 1 and 2 are connected as one Shri Vijay Aggarwal is a partner in the partnership business of Creative Garments (respondent No. 1) and is also concerned with Creative Outwear Limited (respondent No. 2) as he is the Chief Promoter of the creative group of companies.