THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.385 of 2011 Date:08th June, 2011 Between: M/s. Mamatha Chit Fund (P) Ltd. (in provisional liquidation) Rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Applicant and 1. Sri Raparti Janaki Ram & Ors. …Respondents *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.385 of 2011 ORDER: This Company Application has been taken out by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Ltd. (in provisional liquidation) under Section 446(2)(b) of the Companies Act, 1956 r/w. Rules 9 and 11(b) of the Companies (Court) Rules, 1959, seeking a decree against the respondents jointly and severally for a sum of Rs.6,000/- with interest @ 12% p.a. w.e.f. 08.05.2000 till the date of realisation. 2. By order, dated 20.03.2002, passed in Company Petition No.13 of 2002, the Official Liquidator attached to this Court was appointed as provisional liquidator of M/s.Mamatha Chit Fund (P) Ltd., (in provisional liquidation). The Official Liquidator took possession of the records of the company (in provisional liquidation). The 1st respondent joined in the chit group No.LP3E with ticket No.21 conducted by the Company (in provisional liquidation). The value of the chit is Rs.50,000/- with a duration of 50 months at the rate of Rs.1,000/- per month each. As per the chit ledger record of the company (in provisional liquidation), the 1st respondent became the successful bidder of the said chit in the auction held on 26.10.1997. The respondents 2 and 3 stood as sureties to the 1st respondent for the said prized chit. They also executed a joint promissory note in favour of the company (in provisional liquidation). The 1st respondent paid Rs.44,000/- for 44 months for the period from 15.01.1995 to 08.05.2000. The balance to be paid by the 1st respondent is Rs.6,000/-. The Official Liquidator issued a notice dated 20.02.2003 calling upon the 1st respondent to pay the amount due under the above referred chit. There being no response from the respondents, the Official Liquidator filed this Company Application with the prayer stated supra. 3. Notice to the respondents came to be ordered on 15.04.2011. It is reported that the 3rd respondent, son of the 1st respondent, approached the Official Liquidator and paid the principle amount of Rs.6,000/- and submitted a representation seeking waiver of interest. The Official Liquidator placed on record his report along with the representation submitted by 3rd respondent, son of the 1st respondent. 4. Heard learned counsel appearing for the Official Liquidator and perused the material brought on record. 5. The 1st respondent paid Rs.44,000/- against the bid amount of Rs.40,800/- in respect of the chit valued at Rs.50,000/-. The 3rd respondent, son of the 1st respondent, paid the principal amount of Rs.6,000/- and submitted a representation seeking waiver of interest. The material brought on record indicates that the 1st respondent paid Rs.44,000/- against the prized bid amount of Rs.40,800/-. In that view of the matter, I am inclined to grant waiver of interest payable on the principal amount of Rs.6,000/-. Since the entire principal amount has been paid, the debt is deemed to have been fully satisfied. 6. In view of payment of the entire principal amount, the Company Application is dismissed, as the debt is fully satisfied. No order as to costs. _____________________ B.SESHASAYANA REDDY, J Date:08th June, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.385 of 2011 Date :08th June, 2011