THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY COMPANY APPLICATION No.366 of 2011 (Dated : 21-09-2011) Between: M/s.Mamatha Chit Fund (Petitioner) Ltd.(In Prov.Liqn.), Rep by the Official Liquidator, High Court of Andrha Pradesh, Hyderabad. ….…Applicant. A n d Sri Tondapu Hanumantha Rao, Hyderabad and others. ….…Respondents. THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY COMPANY APPLICATION No.366 of 2011 ORDER: 1. This application has been taken out by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Limited (In Provisional Liquidation) under Section 446 (2) (b) of the Companies Act, 1956 read with Rules 9 & 11 (b) of the Companies (Court) Rules, 1959 seeking a decree against the respondents jointly and severally for a sum of Rs.17,000/- along with interest at 12% per annum w.e.f 18- 4-2000 till the date of realization. 2. The 1st respondent filed counter resisting the claim of the applicant. However, he paid a sum of Rs.17,000/- and sought for waiver of interest. 3. Heard learned counsel appearing for the Official Liquidator representing the Company in Liquidation-applicant and learned counsel appearing for the 1st respondent. 4. Learned counsel appearing for the 1st respondent submits that as against chit amount is Rs.50,000/-, an amount of Rs.33,000/- has been paid and further instalments would not be paid because of the closer of the company. 5. The factual aspect of the company being closed before the completion of chit period is not controverted by the learned counsel appearing for the Official Liquidator representing the company in liquidation. 6. In that view of the matter, the amount of Rs.17,000/- paid by the 1st respondent is directed to be accepted as full satisfaction of the applicant’s claim against the respondents. The interest on the said amount is hereby waived. 7. Accordingly, the Company Application is dismissed as the debt is fully satisfied. ______________________________ B. SESHASAYANA REDDY, J Date:20.9.2011 mrb