Bombay High Court
M/s. BHAKTI STEEL LLPversusNIKHIL SURENDRA THAKKAR
- Decided
- Disposal
- CONSENT TERM
Holding
The petition is disposed of and the insolvency notice discharged based on the parties' consent and the debtor's undertaking.
Summary
The petition sought a declaration of insolvency against Nikhil Surendra Thakkar (the judgment debtor). While the proceedings were pending, the parties entered into a consent agreement, which was tendered and recorded as Annexure‑X. The agreement included the debtor handing over three post‑dated cheques to the creditor, which the court treated as an undertaking. Relying on this consent, the court held that the insolvency petition could be disposed of and the insolvency notice discharged. The judgment thus concluded the insolvency proceedings without a formal declaration of insolvency.
Issues considered
- What is the effect of a consent agreement, including post‑dated cheques, on an ongoing insolvency petition?
- Can a petition for adjudication of insolvency be disposed of on the basis of a party's undertaking to the court?
Subjects
- insolvency
- consent agreement
- post‑dated cheques
- undertaking
- petition disposed
Judgment
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INSOLVENCY PETITION NO. 2 OF 2026
M/s Bhakti Steel LLP ...Plaintiff
Vs.
Nikhil Surendra Thakkar ...Defendant
*****
Ms. C. J. Bhatt - Official Assignee present
Mr. Subodh Patil – Deputy Official Assignee, present
Ms. R. V. Rane- Insolvency Registrar, present
Adv. Ms. Sneha Mahawar i/by Tushar Goradia – Judgment debtor
Adv. Manoj G. Agre – Petitioning Creditor
Mr. Jayesh N. Bhutta – Designate Partner of Petitioning Creditor M/s.
Bhakti Steel LLP
*****
CORAM : S. M. MODAK, J.
DATE : 21st AUGUST 2026
P. C. :-
1. Heard learned Advocate for the Petitioning Creditor and learned
Advocate for the proposed Insolvent.
2. This petition is for adjudicating debtor as Insolvent. Pending this
proceeding, both of them have entered into Consent terms. It is
tendered across the bar. It is taken on record and marked as ‘Annexure-
X’. It is signed by the Petitioning Creditor and Judgment Debtor and
SEEMA by
Digitally signed
SEEMA
KSHITIJ
by their respective advocates. The judgment debtor has handed over
KSHITIJ YELKAR
Date:
YELKAR 2026.08.25
16:10:57 +0530
Seema 1/2
20..doc
three post dated cheques to the Petitioning Creditor as mentioned in
the consent terms. The terms will be considered as an undertaking
given to the Court.
3. In view of that Insolvent Petition stands disposed of and
insolvency notice stands discharged.
[S. M. MODAK, J.]
Seema 2/2
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