Hyderabad v. And Smt.G.Lalitha & Ors.

This application has been filed by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Ltd., (In Prov. Liqn) under Section 446(2)(b) of the Companies Act, 1956 read with Rules 9 and 11 (b) of the Companies (Court) Rules, 1959, seeking a Decree against the respondents for a sum of Rs.4,000/- with interest at 12% per annum from 13-5-2000 till the date of realization. This Court by order dated 20-3-2002 made in Company Petition No.13 of 2002 appointed the Official Liquidator attached to this Court as Provisional Liquidator of M/s.Mamatha Chit Fund (P) Ltd. The Official Liquidator after taking charge of the assets of the Company (in Liqn) came to know that the 1st respondent became the prized subscriber ticket No.10 of Chit Group No.LP7F valued at Rs.1,00,000/- for a period of 50 months @ Rs.2,000/- each per month. The said chit group commenced in the month of June, 1996. As per the records maintained by the Company (in Liqn), the 1st respondent had to pay Rs.4,000/- towards the chit amount.

Respondents No.2 to 4 stood as guarantors to the 1st respondent when she became the prized subscriber. The Official Liquidator issued notice dated 18-2-2010 demanding respondents No.1 to 4 to pay Rs.4,000/- shown as due in the ledger of the Company (in Liqn). Though respondent No.1 received notice, she did not make payment. Hence, this application. Notice to the respondents came to be ordered on 21-3-2011. After service of notice, 1st respondent paid Rs.4,000/- to the Official Liquidator representing the applicant-company. Accordingly, the Assistant Official Liquidator placed on record his report. The report contains the letter submitted by the 1st respondent seeking waver of the interest. Heard learned Counsel appearing for the Official Liquidator representing the applicant-company and perused the material brought on record. The value of the chit raised by the 1st respondent is Rs.1,00,000/-. Prior to filing of this application, the 1st respondent paid Rs.96,000/-. Balance is only Rs.4,000/-. The said amount has been deposited by the 1st respondent after filing of this application.

The 1st respondent submitted a letter seeking waver of the interest. Since the 1st respondent paid the entire principal amount, I am of the view that the respondents deserve for waver of the interest. Accordingly, the debt due by the respondents to the applicant- company is deemed to have been fully satisfied. The application is dismissed as redundant. No costs. 26th April, 2011 ________________________ B.Seshasayana Reddy, J