IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE J.B.KOSHY & THE HONOURABLE MRS. JUSTICE K.HEMA MONDAY, THE 3RD MARCH 2008 / 13TH PHALGUNA 1929 MFA.No. 262 of 1999 ---------------------------- AGAINST THE JUDGEMENT/ORDER IN CC NO. 134/97 IN CP.1/1995 Dated 21/05/1998 .............................. APPELLANT/RESPONDENT IN C.P /RESPONDENT IN C.C --------------------------------------------------------------------- T.R. MURALIDHARAN, TRIKKURKUTHU MADAM, POONKUNNAM, TRICHUR-2, TRICHUR DIST. BY ADV. SRI.P.O.JOSEPH RESPONDENTS/PETITIONER IN CP/AND CALIMANT IN CC -------------------------------------------------------------------------------- M/S. SAKTHI CHITTIES AND LOANS (P) LTD., (IN LIQUIDTION) REP. BY OFFICIAL LIQUIDATOR, HIGH COURT OF KERALA, ERNAKULAM. BY ADV. SRI.K.MONI THIS MISC. FIRST APPEAL HAVING BEEN FINALLY HEARD ON 03/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: J.B.KOSHY & K.HEMA, JJ. -------------------------------------- M.F.A.No.262 OF 1999 ------------------------------------- Dated 3rd March, 2008 JUDGMENT Koshy,J . Appellant was a subscriber of a quarterly kuri with the respondent company in liquidation. The quarterly kuri started on 23.6.1981 and it was prized on 23.3.1984 and the appellant received Rs.45,000/= on 24.7.1984 on the 13th instalment. Appellant remitted 14th instalment on 23.9.1984 and the balance in 36 instalments is to be remitted at the rate of Rs.1,000/=. There was a clause in the agreement that if two consecutive instalments are defaulted, respondent has got a right to demand the amount with 12% interest. The date of termination of the kuri was 23.9.1993. Winding-up proceedings started on 6.1.1995. Contention of the respondent was that since two instalments were defaulted in 1986, entire demands are time barred. According to the respondent Company Judge the kuri was terminable only on 23.9.1993. Since the winding up proceedings started on 6.1.1995, Company is entitled to the instalments which fell due within three years of 6.1.1995. We fully agree with the above findings. The contention is that Company Judge calculated total amount payable taking that it is a monthly kuri. It was actually a quarterly kuri which is not disputed. If that be so, total amount due from 23.1.1992 to 23.9.1993 is MFA.262/1999 2 only Rs.7,000/=. Therefore, judgment and decree passed by the Company Court is modified and the claimant is given a decree for Rs.7,000/= with interest thereon at 12% per annum from the date of default i.e., 23.1.1992 onwards. The appeal is allowed to the above extent. J.B.KOSHY JUDGE K.HEMA JUDGE tks