THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION No.757 OF 2009 AND COMPANY APPLICATION (S.R.) No.7352 of 2009 IN COMPANY PETITION No.13 OF 2002 Dated: 21.02.2011 COMPANY APPLICATION No.757 OF 2009 Between : M/s. Mamatha Chit Fund (P) Limited …… Applicant And Sri M.Suresh ……. Respondent COMPANY APPLICATION (S.R.) No.7352 OF 2009 Between : M.Suresh …… Applicant And M/s. Mamatha Chit Fund (P) Limited and another ……. Respondents The Court made the following:- THE HON’BLE Ms. JUSTICE G. ROHINI COMPANY APPLICATION No.757 OF 2009 AND COMPANY APPLICATION (S.R.) No.7352 of 2009 IN COMPANY PETITION No.13 OF 2002 COMMON ORDER : By order dated 20.03.2002 in Company Petition No.13 of 2002, M/s. Mamatha Chit Fund (P) Limited was directed to be wound up and the Official Liquidator attached to this Court was appointed as Liquidator of the said company. Company Application No.757 of 2009 has been filed by the Official Liquidator representing the company-in-liquidation under Section 446 (2) (b) of the Companies Act, 1956 against the respondent for recovery of a sum of Rs.14,000/- along with interest at 12% per annum with effect from 20.06.2000. It is alleged that the respondent was the prized subscriber in respect of Chit Ticket No.03 of Chit Group No.ST22D valued at Rs.25,000/- payable for a period of 25 months at the rate of Rs.1,000/- every month. After paying 11 monthly subscriptions totalling Rs.11,000/-, the respondent lifted the chit and received the bid amount, but thereafter did not pay the balance 14 months’ subscription amounting to Rs.14,000/-. Hence Company Application No.757 of 2009 seeking recovery of the said amount together with interest. The respondent filed Company Application (SR) No. 7352 of 2009 stating that he was also a subscriber of another chit viz., Chit Ticket No.24 of Chit Group No.LP27E and that though he had paid 21 monthly subscriptions totalling Rs.21,000/-, he had not lifted the said chit and thus stood as unprized subscriber. It is claimed that the company-in-liquidation is liable to pay to him a sum of Rs.21,000/- towards the said unlifted chit. Thus the respondent prayed to set off the amount of Rs.14,000/- payable towards Chit Ticket No.03 in Chit Group No.ST22D and direct the Official Liquidator to pay the balance amount to him by waiving interest payable with regard to the amount due in Chit Ticket No.03. The Official Liquidator filed a report dated 17.02.2011 stating that as per the Chit Ledger Records, the actual subscription paid by the respondent towards chit No.LP-27E-24 was Rs.14,876.40ps and a sum of Rs.6,123.60ps was credited by the company-in-liquidation towards dividend and the said Chit Ledger Record did not disclose any details with regard to refund of the chit subscription in Ticket No.24. However, it is added that in the list of creditors furnished along with the statement of affairs by the Ex. Director of the company- in-liquidation, Chit Group No.LP27E was not shown and steps are being taken to call for an explanation from the Ex. Director. I have heard the learned counsel for both the parties and perused the material available on record. Having regard to the report submitted by the Official Liquidator which shows that the applicant had subscribed to another chit namely chit No.LP-27E-24 and a sum of Rs.14,876.40ps was actually paid by him, I am of the opinion that the respondent is entitled to claim set off the amount due under Ticket No.03 of Chit Group No.ST22D against the sum available to the credit of Ticket No.24 of Chit Group No.LP27E. In the facts and circumstances of the case, this Court also deems it appropriate to waive the interest claimed by the Official Liquidator in Company Application No.757 of 2009 on the amounts due in respect of Chit No.03 of Chit Group No.ST22D. So far as the dividend credited to Chit No.LP-27E-24 is concerned, it is open to the respondent to make a claim before the Official Liquidator. If any such claim is made, the same shall be considered by the Official Liquidator in accordance with law. Accordingly, both the Applications are disposed of with a direction to the Official Liquidator to set off the principal amount due from the respondent under chit No.3 against the amount payable in respect of chit No.24. The interest claimed in Company Application No.757 of 2009 is hereby waived. No costs. __________ G. ROHINI, J Date: 21.02.2011 Ivd