MUMBAI: Bombay high court has declared Ravikiran and Pujit Agrawal, the father-son duo of Orbit builders, insolvent. Justice S C Gupte passed the order on May 26 in an insolvency petition they filed last year, as debtors.
Both, father and son, claimed to be indebted under a consent decree of June 2015 for Rs 56 crore to Vardhaman Developers Ltd along with interest and penalties.
The HC declared them insolvent since it said their liabilities were far in excess of their assets.
Vardhaman Developers objected to the petitions by Agrawals. It held a decree against them and in submissions made through counsel VR Dhond, accused the Agrawals of not only making false statement but of “trying to create fictitious liabilities” and failing to make …
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