Bombay HC declares owners of defunct Orbit Corp insolvent
: Ravikiran Aggarwal and his son Pujit, who owned the erstwhile real estate company Orbit Corp, have been declared insolvent by the Bombay High Court.
The Aggarwals had approached the high court in July, filing separate insolvency petitions in which they claimed their debts far exceeded their assets.
According to the petitions, while Pujit Aggarwal – former managing director and chief executive of Orbit Corp – owed around Rs 1,049 crore in his personal capacity, while his father owed more than Rs 331 crore.
Justice Riyaz Chagla of the Bombay High Court has now appointed an official assignee for their assets. This means that all personal assets of the two, as of the order date, will be taken over by the assignee and used to pay their debts in a certain order.