THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.728 of 2009 in Company Petition No.13 of 2002 Date :15th March, 2010 Between: M/s.Mamatha Chit Fund (P) Limited (in provisional liquidation), rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Applicant a n d 1. Sri Reddemeni Laxminarayana & Ors. …Respondents *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.728 of 2009 in Company Petition No.13 of 2002 ORDER: This is an application filed by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Limited (in provisional liquidation) claiming Rs.13,822.60ps. with interest @ 12% per annum from 13.06.2000 till date of realization from respondents jointly and severally together with costs. 2. The Official Liquidator attached to this Court came to be appointed as the liquidator of M/s.Mamatha Chit Fund (P) Limited (in Provisional liquidation), by an order dated 20.03.2002 made in Company Petition No.13 of 2002. The Official Liquidator verified the records of the Company (in provisional liquidation) and found that the 1st respondent was the prized subscriber to Ticket No.07 of Chit Group No. ST 20E valued at Rs.50,000/- for a period of 50 months @ Rs.1,000/- each (which is inclusive of dividend) per month and that the chit group commenced in the month of July, 1998. As per the books of the company (in provisional liquidation), an amount of Rs.25,571/- in advance against an amount of Rs.35,000/- by way of cheque bearing No.521099, dated 21.11.1998 after deducting an amount of Rs.9,429/- towards arrears of subscription dues in respect of the said ticket paid to him and Rs.150/- towards verification fees. As per the chit ledger record of the company (in provisional liquidation), the 1st respondent subsequently became a successful bidder for a sum of Rs.40,000/- in the auction held on 28.03.1999 in T.No.07 of Group ST 20E and the company paid the balance bid amount of Rs.5,000/- to the respondent No.1 by way of cheque bearing No.532404, dated 09.05.1999. The 1st respondent acknowledged the same by affixing his signature on the prized subscriber bid payment final statement. As per the chit ledger record of the company (in provisional liquidation), the 1st respondent paid the chit subscription amount of Rs.36,000/- for 18 months for the period from 23.06.1998 to 13.06.2000 plus a further sum of Rs.177.40 ps. shown at credit in column No.10 of chit ledger folio, aggregating to a total of Rs.36,177.40 ps, which includes an amount Rs.10,663.60 ps. towards dividend credited by the company leaving a balance liability of Rs.13,822.60ps. for the remaining installments w.e.f. 13.06.2000. Respondents 1 to 4 executed a joint promissory note in favour of the applicant company (in provisional liquidation). Respondents 2 to 4 also executed an agreement of guarantee in respect of the afore said chit. The Official Liquidator issued a notice on 25.02.2003 demanding the first respondent to pay the amount shown as due in the revised list of debtors forming part of statement of affairs and the same was served on the 1st respondent. The 1st respondent neither gave any reply nor paid the amount due. Hence, this company application. 3. Notice to the respondents came to be ordered on 03.07.2009. Though the respondents 1 and 4 served with notice, they neither appear in person nor through a counsel to contest the application. Notice sent to the 3rd respondent returned with postal endorsement ‘not claimed/reused, returned to sender’ and thus, notice to the 3rd respondent is deemed to have been served. Learned counsel appearing for the Official Liquidator seeks permission to withdraw the claim against the 2nd respondent. Hence, claim against the 2nd respondent is dismissed as withdrawn. 4. The Official Liquidator filed affidavit in lieu of chief-examination of PW.1 together with documents, 14 in number, which have been marked as Exs.A-1 to A-14. 5. Heard learned counsel appearing for the Official liquidator representing the applicant company (in provisional liquidation) and perused the evidence of Pw-1 and the documents which have been marked as Exs.A-1 to A-14. 6. The 1st respondent became member of the chit organized by the applicant-Company (in provisional liquidation). He withdrew the chit amount and paid certain instalments and thereafter, he committed default in payment of remaining installments. The last payment made by the 1st respondent was on 13.06.2000. Subsequently, no payments were made by him. The evidence of PW.1 and the documents placed on record prove the claim of the applicant Company (in provisional liquidation). 7. Accordingly, the Company Application is allowed and there shall be a decree against the respondents 1, 3 and 4 jointly and severally to the extent of Rs.13,822.60ps. with interest at 12% per annum from 13.06.2000 till the date of decree and thereafter at 6% per annum till the date of realization with costs. The Company Application in respect of the 2nd respondent is dismissed as withdrawn. _____________________ B.SESHASAYANA REDDY, J Date:15th March, 2010. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.728 of 2009 In Company Petition No.13 of 2002 Dated:15th March, 2010