UTTAMCHAND DEVCHANDversusSHRI RAVI B. JAISING

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                            IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                   IN ITS INSOLVENCY JURISDICTION

SATISH                          OFFICIAL ASSIGNEE’S REPORT NO.46 OF 2025
RAMCHANDRA
SANGAR                                             IN
                                  INSOLVENCY PETITION NO.28 OF 2001
Digitally signed by
SATISH RAMCHANDRA
SANGAR
Date: 2026.08.27
19:04:49 +0530        The Official Assignee of Bombay High Court ...Applicant

                      In the matter between:-

                      Bansi Jairamdas Jaising and Anr.                      ...Insolvents/Debtors
                      Ex-parte :-

                      Uttamchand Devchand Shah                              ...Petitioning Creditor

                      ====================================================

                                              ALONG WITH
                                OFFICIAL ASSIGNEE’S REPORT NO.47 OF 2025
                                                   IN
                                  INSOLVENCY PETITION NO.82 OF 2002

                      The Official Assignee of Bombay High Court ...Applicant

                      In the matter between:-

                      Avinash Bansi Jaising                                 ...Insolvents/Debtors
                      Ex-parte :-

                      Suraj Prakash Khemchand                               ...Petitioning Creditor

                      ====================================================

                      Mr.Gaurang Mehta a/w Ms.Rhea Advocates for Insolvent No.1 in
                      Mehta and Ms.Hiteishi Sharma i/b. Insolvency Petition No.82 of
                      Ms.Dipal Mehta:-                  2002.


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Ms.C.J.Bhatt (Official Assignee) Present in Court.
a/w Mr.Subodh Patil (Deputy
Official Assignee) and Ms.R.V.
Rane (Insolvency Registrar):-

====================================================
                            CORAM        :      S. M. MODAK, J.
                            DATE         :      21st AUGUST 2026
P. C. :-

           OFFICIAL ASSIGNEE’S REPORT NO.47 OF 2025
                              IN
             INSOLVENCY PETITION NO.82 OF 2002


1.     Heard learned Advocate for the Insolvent No.1 in Insolvency

Petition No.82 of 2002. Also heard the Official Assignee on Official

Assignee’s Report No.47 of 2025. Various prayers are made by learned

Official Assignee.

2.     It is true, this Court as per the order dated 2 nd July 2026 passed

on this Report and connected Official Assignee’s Report No.46 of

2025 has held that “the Official Assignee can also adjudicate the claims

made on the basis of Bills of Exchange” . The submission of learned

Advocate is, there are inasmuch as 295 claims on the basis of Bills of

Exchange. It is true, considering the resources available, it will be

difficult and time consuming for the Official Assignee to verify those

claims. In order to assist the Official Assignee, there is “Minutes of the


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Consent Order” submitted by the Insolvent No.1 on Page No.148

annexed to the Affidavit-in-Reply by Avinash Jaising. They have

suggested some modalities. Paragraph No.3(i) to (vii) suggest certain

modalities. So, if original Bill of Exchange are produced by the

Creditor, the Official Assignee may accept it and compare it with the

“Schedule of Assets and Liabilities” furnished by the Insolvent.

3.     It is also submitted by learned Official Assignee that the contents

of those paragraphs are nothing but the reproduction of the

responsibilities on the Official Assignee as per the provisions of the

Insolvency Act. So, this Official Assignee’s Report No.47 of 2025 can

certainly be disposed of in the following manner:-

(a)    So far as the prayer clause (a) is concerned, no direction is
       required because the Income Tax Department has already
       informed the liability of present Insolvent.
(b)    So far as the prayer clause (b) is concerned, it is submitted by
       learned Advocate Mr.Gaurang Mehta that the Income Tax
       Department has not given the correct figure of the Income
       Tax dues and in fact, on Page No.201 and Page No.202 of
       the Affidavit, the snapshot of correct figure of the dues
       towards the Income Tax is furnished by Insolvent No.1–
       Avinash. In view of that, this prayer can be disposed of by
       asking the Official Assignee to verify with the Income Tax
       Department vis-a-vis the figures mentioned on those pages

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       and then to make payment of the relevant amount to the
       Income Tax Department. The Official Assignee may also
       verify the “Schedule of Assets and Liabilities” of the
       Insolvent for that purpose. My attention is invited to the
       observations in paragraph No.5 of the order dated 10 th July
       2026. The Income Tax Department was given a last chance
       to appear before the Official Assignee, otherwise their claim
       stands forfeited. As today fresh directions are given, it is
       made clear that the Official Assignee to correspond with the
       Income Tax Department and give them time to put forth
       their claim by way of Affidavit within four weeks and if they
       will not appear, it will be presumed that their claim will be
       stand forfeited.
(c)    The prayer clause (e) refers about verifying the claims made
       on the basis of 295 Bills of Exchange. As submitted earlier,
       the modalities are suggested in the “Minutes of the Order”.
       Let the Official Assignee insist upon the original Bill of
       Exchange, the Decree if any and verify it with the amount
       mentioned in the schedule of Assets and Liabilities
       submitted by the Insolvents and then to make necessary
       payment.
(d)    If this exercise is done, it will be considered as an
       adjudication of the claim.
(e)    So far as prayer clauses (f) and (g) are concerned, the Official
       Assignee is at liberty to submit a fresh report after the
       disbursal of the amount as mentioned above.
(f)    So far as the prayer clauses (h), (i) and (j) are concerned,

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       liberty to the Official Assignee to submit a fresh report after
       the disbursal of the amount as mentioned above.
4.     My attention is invited to the order passed by this Court on 30 th

January 2026 in these matters only wherein, it is observed that the

orders passed in the Official Assignee’s Report No.46 of 2025 would

equally apply to the Official Assignee’s Report No.47 of 2025. In view

of that, let the Official Assignee also to do the needful as observed

above while dealing with the Official Assignee’s Report No.46 of

2025.

5.     In view of the above, both the Official Assignee’s Report No.46

of 2025 and 47 of 2025 are disposed of.

6.     Even though there is an order passed on Official Assignee’s

Report No.21 of 2016 on 15th July 2025, that direction about disposing

of that Report remained to be given. As per those directions, the

Official Assignee has submitted two Reports which are disposed of

today. The earlier Report No.21 of 2016 will also stand disposed of.



                                        [S. M. MODAK, J.]




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