THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.213 of 2011 7th June, 2011 Between :- M/s.Mamatha Chit Fund (P) Ltd (In Prov.Liqn) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Applicant And Smt.M.Usha and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.213 of 2011 ORDER:- This is an application 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.6,415/- along with interest at 12% w.e.f. 21-7-2000. This Court by order dated 20-3-2002 made in Company Petition No.13/2002 appointed the Official Liquidator attached to this Court as Provisional Liquidator of M/s.Mamatha Chit Fund (P) Ltd. As per the available records of the Company (In Prov.Liqn), the 1st respondent became a member of the chit valued at Rs.1,00,000/- for a period of 50 months @ Rs.2,000/- each. The chit was commenced on 13-12-1997. The chit was to be terminated on 4th Sunday, January 2002. The 1st respondent became the prize subscriber and he received an amount of Rs.54,650/- against an amount of Rs.60,000/- vide cheque Nos.521227 and 521228 dated 18-11-1998 and 15-11-1998 respectively after deducting a sum of Rs.5,350/- i.e., Rs.5,200/- towards arrears of subscription dues vide R.No.67859 dated 15-11- 1998 and verification fee for Rs.150/- in respect of prized ticket. As per the Chit Ledger record of the Company (In Prov.Liqn), the 1st respondent paid the chit subscription amount of Rs.66,000/- for 33 months for the period from 20-5-1998 to 21-7-2000 which includes an amount of Rs.20,550/- towards dividend credited by the Company (In Prov.Liqn) and further an amount of Rs.27,585.20 P.S., was shown as credit in Column No.10 of Chit Ledger Folio aggregating to a total amount of Rs.93,585.20 P.S. The balance subscription payable by the respondent No.1 is Rs.6,414.80 P.S. Respondents No.2 to 4 stood as sureties to respondent No.1. Hence, this application by the Official Liquidator for seeking a Decree for Rs.64515/- along with interest at 12% per annum w.e.f. 21-7-2000 till the date of realization. Notices to respondents came to be ordered on 21-3-2011. The 1st respondent deposited a sum of Rs.6,415/- before the Official Liquidator. The Official Liquidator placed on record his report. The 1st respondent also submitted letter to the Official Liquidator seeking waiver of interest amount. Heard the learned Counsel appearing for the Official Liquidator and perused the material brought on record. Against the chit amount of Rs.1,00,000/-, the 1st respondent paid Rs.93,585.20 P.S. The balance principal amount is Rs.6415.20 P.S. The 1st respondent deposited the said amount before the Official Liquidator and submitted a representation for waiver of the int. Since the 1st respondent fully paid the principal amount of Rs.1,00,000/-, I am of the view that interest accrued on the said amount can be waived. Accordingly, the application is dismissed recording the full satisfaction of the amount due by the respondents to the Company (In Prov.Liqn) under Ticket No.40 of Chit Group No.LP15F. _________________________ B.Seshasayana Reddy, J 7th June, 2011 smr