THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.561 of 2011 29th June, 2011 Between :- M/s.Mamatha Chit Fund (P) Ltd (in Liqn) Rep. By the Official Liquidator High Court of Andhra Pradesh, Hyderabad .. Applicant And K.Krishnaveni and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.561 of 2011 ORDER:- This is application has been taken out 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, jointly and severally, for a sum of Rs.2,619/- along with interest at 12% w.e.f. 9-9-2000 till the date of realisation. 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 records of the Company (In Prov.Liqn), the 1st respondent became a member of the chit valued at Rs.50,000/- for a period of 50 months @ Rs.1,000/- each. The chit was commenced in the month of January, 1996. The 1st respondent became the prize subscriber and he received an amount of Rs.30,000/- against an amount of Rs.50,000/- vide cheque Nos.915775 dated 31-05-1996. Respondents No.2 to 5 stood as sureties to respondent No.1 in respect of the said prized ticket. The 1st respondent paid 47 instalments and subsequently committed default. The Official Liquidator issued a notice on 25-2- 2003 calling upon the 1st respondent to pay balance amount of Rs.3,4788.80 P.S., shown as due in the revised list of debtors forming part of the statement of affairs. Notice sent to the 1st respondent returned unserved. Hence, this application by the Official Liquidator. Notices to respondents came to be ordered on 30-4-2011. 4th respondent entered appearance through Counsel. Notice sent to the 1st respondent returned unserved with an endorsement ‘addressee not claimed’. Notice sent to 2nd respondent returned unserved with an endorsement ‘addressee refused’. Notice sent to respondent No.3 returned unserved with an endorsement ‘unclaimed’ and notice sent to respondent No.5 returned unserved with an endorsement ‘no such person in this address’. The claim against respondent No.3 was dismissed as withdrawn on 15-6-2011. The son of the 4th respondent appeared before the Official Liquidator and deposited the principal sum of Rs.2,619/- and submitted a representation seeking waiver of interest amount. Heard the learned Counsel appearing for the Official Liquidator and perused the material brought on record. It appears the 1st respondent paid 47 instalments. The instalments left over are ‘3’. The son of the 4th respondent paid an amount of Rs.2,619/- and submitted a representation seeking waiver of interest. Taking into consideration the instalments already paid by the 1st respondent, I am of the view that interest on the principal amount of Rs.2,619/- can be waived. Since the principal amount is already paid, the debt is deemed to have been discharged. Accordingly, the application is dismissed as redundant. _________________________ B.Seshasayana Reddy, J 29th June, 2011 smr