7-OAR-46-2025-IN-INPT-28-2001+OAR-47-2025-IN-INPT-82-2002.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS INSOLVENCY JURISDICTION OFFICIAL ASSIGNEE’S REPORT NO.46 OF 2025 IN INSOLVENCY PETITION NO.28 OF 2001 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 Mehta and Ms.Hiteishi Sharma i/b. Ms.Dipal Mehta:- Advocates for Insolvent No.1 in Insolvency Petition No.82 of 2002. Satish Sangar 1/5 SATISH RAMCHANDRA SANGAR Digitally signed by SATISH RAMCHANDRA SANGAR Date: 2026.08.27 19:04:49 +0530 7-OAR-46-2025-IN-INPT-28-2001+OAR-47-2025-IN-INPT-82-2002.doc Ms.C.J.Bhatt (Official Assignee) a/w Mr.Subodh Patil (Deputy Official Assignee) and Ms.R.V. Rane (Insolvency Registrar):- Present in Court. ==================================================== 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 2nd 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 Satish Sangar 2/5 7-OAR-46-2025-IN-INPT-28-2001+OAR-47-2025-IN-INPT-82-2002.doc 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 Satish Sangar 3/5 7-OAR-46-2025-IN-INPT-28-2001+OAR-47-2025-IN-INPT-82-2002.doc 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 10th 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, Satish Sangar 4/5 7-OAR-46-2025-IN-INPT-28-2001+OAR-47-2025-IN-INPT-82-2002.doc 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 30th 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.] Satish Sangar 5/5