THE HON'BLE Ms. JUSTICE G.ROHINI COMPANY APPLICATION No. 775 OF 2010 Dated: 24.11.2010 Between: M/s. Mamatha Chit Fund (P) Limited ..... APPLICANT AND Sri Potla Krishnaiah and others .....RESPONDENTS The Court made the following : Arbitration THE HON'BLE Ms. JUSTICE G.ROHINI COMPANY APPLICATION No. 775 OF 2010 ORDER: This application is filed by the Official Liquidator representing M/s. Mamata Chit Funds (Private) Limited under Section 446 (2) (b) of the Companies Act, 1956 read with Rule 9 and 11 (b) of the Companies (Court) Rules, 1959 seeking a direction to the respondents to pay a sum of Rs.4,612/- along with interest at the rate of 12% per annum with effect from 17.06.2000 till the date of realisation. Heard Sri M. Anil Kumar, learned counsel for the Official Liquidator. As could be seen from the affidavit filed in support of the application and the other material enclosed, by order dated 20.03.2002 made in Company Petition No.13 of 2002, the Official Liquidator attached to this Court was appointed as Provisional Liquidator of the applicant company. It is stated by the Official Liquidator that the chit ledger record revealed that respondent No.1 was due a sum of Rs.7,000/- to the company in prized T.No.34 of Group No.LP18E with effect from 19.07.2000. In response to the notice issued by the office of the Official Liquidator though he had deposited a sum of Rs.2,388/- towards his liability, still a sum of Rs.4,612/- was due to the company in provisional liquidation. Alleging that in spite of the notice ordered, respondent No.1, who was the prized subscriber or the respondents 2 to 4, who stood as sureties, failed to make the payment, the present application has been filed. This Court, by order dated 05.10.2010 issued notice to the respondents 1 to 4. Though notice has been served on the respondents 3 and 4, it is yet to be served on the respondents 1 and 2. However a report dated 08.11.2010 has been filed by the Official Liquidator vide O.L.R.No.453 of 2010 stating that the 1st respondent deposited a sum of Rs.4,612/- in the office of Official Liquidator on 20.10.2010. It is also stated that the 1st respondent made a request for waiver of interest and a copy of the letter dated 20.10.2010 addressed by the 1st respondent has been placed before this Court. Having regard to the fact that the 1st respondent has paid the principal amount due and taking into consideration the reasons explained in his letter dated 20.10.2010, I deem it appropriate to waive the interest claimed by the applicant. Accordingly, recording the payment already made by the 1st respondent, the Company Application is disposed of. No costs. ___________ G.ROHINI, J Date: 24.11.2010 Ivd