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Date: 02-May-2024 Category: Weekly State: Union Government Country: India

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Executive Summary & Key Takeaways

What it means

  • The gazette notification pertains to a proclamation issued by the Court of Shri Pranav Joshi, ASCJ, Central, Tis Hazari Courts, Delhi, under Section 19 of the Provincial Insolvency Act, 1920.
  • It concerns Insolvency Petition No. 41 of 2016, Laxmi Kant Sharma vs. HDFC Bank, where the petitioner, Laxmi Kant Sharma, has applied to be declared insolvent.

Key Changes

  • The notification announces that Laxmi Kant Sharma has filed for insolvency.
  • The petition has been admitted and a hearing for final disposal is scheduled for May 25, 2024.
  • The notification lists the respondents against whom the insolvency petition has been filed, including HDFC Bank, Citi Financial, ICICI Bank Ltd., American Express Bank Ltd., Standard Chartered Bank, G.E. Countrywide, Trade Impex Inc., P.K. Polyplast Pvt. Ltd., and Shri Nitin Ahuja.
  • Any person wishing to oppose the petition may appear before the court in person or through a pleader on the specified date.

Impact Analysis

Impact on Laxmi Kant Sharma

  • Legal and administrative burden associated with the insolvency proceedings.

Impact on Respondents (Creditors)

  • Need to assess and potentially write off the debt if the insolvency is successful.

Impact on Other Stakeholders

  • Potential impact on the credit rating of Laxmi Kant Sharma.

Suggested Action Items for Respondents

  • Attend the hearing on May 25, 2024, or appoint a pleader to represent their interests.

Key Entities Referenced

Shri Pranav Joshi, ASCJ: The Additional Senior Civil Judge presiding over the case at Tis Hazari Courts, Delhi. Laxmi Kant Sharma: The petitioner who has applied for insolvency. HDFC Bank: One of the respondents (creditors) in the insolvency petition. Citi Financial: One of the respondents (creditors) in the insolvency petition. ICICI Bank Ltd.: One of the respondents (creditors) in the insolvency petition. American Express Bank Ltd.: One of the respondents (creditors) in the insolvency petition. Standard Chartered Bank: One of the respondents (creditors) in the insolvency petition. G.E. Countrywide: One of the respondents (creditors) in the insolvency petition. Trade Impex Inc.: One of the respondents (creditors) in the insolvency petition. P.K. Polyplast Pvt. Ltd.: One of the respondents (creditors) in the insolvency petition. Shri Nitin Ahuja: One of the respondents (creditors) in the insolvency petition. Provincial Insolvency Act, 1920: The legal framework under which the insolvency petition is being processed. Section 19 is specifically mentioned, relating to the proclamation.
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रजिस्ट्री स.ं िी-3/डी एल (एन) 04/0009/2003-05 REGD. No. G-3/DL (N)-04/0009/2003—05 भारत सरकार GOVERNMENT OF INDIA एस.जी.-डी.एल.-सा.-07052024-254046 xxxGIDHxxx SG-DL-W-07052024-254046 xxxGIDExxx प्राजिकार स ेप्रकाजित PUBLISHED BY AUTHORITY साप्त ाजिक WEEKLY स.ं 3] ददल्ली, अप्रलै 26—मस 2, 2024, बिृ स्ट्प जतिार/िैिाख 6—िैिाख 12, 1946 No. 3] DELHI, APRIL 26— MAY 2, 2024, THURSDAY/ VAISAKHA 6—VAISAKHA 12, 1946 भाग II - II PART II - II सर्ककट, जसजिल और दण्ड ्‍य ायालय वारारा िारी कग गस सनानाएं Notices of the Circuit, Civil and Criminal Courts राष्ट्रीय राििानी राज्य क्षत्रे , ददल्ली सरकार GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI , 1920 19 ह , ि े , ती ह , , : : 41 OF 2016 : 25.05.2024 ह ह 2 3 ह, 25.05.2024 ह, ह ह, ह इ ह ह 2845 DG/2024 (9)10 DELHI GAZETTE, NATIONAL CAPITAL TERRITORY GOVT.: MAY 2, 2024/VAISAKHA 12, 1946 PART II - II] 1. / . . . . . , , 110, : , S/o ओ 25.05.2024 , , -600029 : , ह 41 OF 2016 -2/32, , 2. / . इ , 3, -110052 . . . ह , - 110062 3. / . , , , , 4. , ह , , , - 110001 5. , इ , , ह इ , , -560025 6. .इ. इ , इ , 4 , , , , III, ह , ह 7. / . इ इ , 91, , 28, , -110045, 8. / . . . इ , -24, मान , 14, . . , -110015, 9. , 171, , ह , -110063 ह 18-04-2024 ह | , ि े , ती ह , , [जिज्ञापन-/साप् ताजिक/II/II/01/2024-25][PART II -II DELHI GAZETTE, NATIONAL CAPITAL TERRITORY GOVT.: MAY 2, 2024/VAISAKHA 12, 1946 11 PROCLAMATION UNDER SECTION 19 OF THE PROVINCIAL INSLOVENCY ACT, 1920 IN THE COURT OF SHRI PRANAV JOSHI, ASCJ, CENTRAL, TIS HAZARI COURTS, DELHI SUIT NO. INSOLVENCY PETITION: 41 OF 2016 LAXMI KANT SHARMA VS HDFC BANK Notice is hereby given that the petitioner mentioned in the column no.2 has applied for adjudging himself against the respondents mentioned in column no. 3 as insolvent and the petition having being admitted will be heard on 25.05.2024 for final disposal. Any person including the names given below wishes to oppose may appear before this Hon'ble Court either in person or through any pleader. SUIT NO. NAME OF THE NAME OF THE RESPONDENT(S) NEXT DATE PETITIONER OF HEARING 1. M/s. H.D.F.C. Bank Ltd. at CEEBROS, No.110, Nelson Manickam Road, SUIT NO. LAXMI KANT SHARMA 25.05.2024 Aminjikarai, Chennai-600029 INSOLVENCY S/O SHRI. OM PRAKASH PETITION: 41 SHARMA, R/O L-2/32, 2. M/s. Citi Financial, No.3, L.S.C. Pushp OF 2016 SHASTRI NAGAR, DELHI- Vihar, New Delhi-110062 110052 3. M/s. ICICI Bank Ltd., 2nd Floor, Videocon Tower, Jhandewalan Ext., New Delhi 4. American Express Bank Ltd., Wegner House, A Block, Connaught Place, New Delhi-110001 5. Standard Chartered Bank, India Bank Card Centre, 3rd & 4th Floors, Raheja Point, Magurathi Road, Bangalore- 560025 6. G.E. Countrywide, GE Consumer Finance, Block 4A, DLF, Corporate Park, Qutab Enclave, Phase III, Mehrauli Gurgaon Road, Haryana 7. M/s. Trade Impex Inc., Plot No.91, Village Bamoli, Sector 28, Dwarka, New Delhi-110045 Through its Director Shri Vikas Yadav 8. M/s P.K. Polyplast Pvt. Ltd., C-24, Mansarovar Garden, Shop No.14, D.R. Complex, New Delhi-110015 Through its Director Smt. Rekha Jain 9. Shri Nitin Ahuja, 171, Pragati Apartment, Paschim Vihar, New Delhi- 110063 Given under my hand and the seal of the Court on this 18-04-2024. PRANAV JOSHI, ASCJ (Central)/ Delhi [ADVT./Weekly/II/II/01/2024-25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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