THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.382 of 2011 Date:08th June, 2011 Between: M/s. Mamatha Chit Fund (P) Ltd. (in provisional liquidation) Rep. by the Official Liquidator, High Court of A.P., Hyderabad. …Applicant and 1. Sri Konda Venkateshwar Reddy & Ors. …Respondents *** THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.382 of 2011 ORDER: This Company Application has been taken out by the Official Liquidator representing M/s.Mamatha Chit Fund (P) Ltd. (in provisional liquidation) under Section 446(2)(b) of the Companies Act, 1956 r/w. 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.4,000/- with interest @ 12% p.a. w.e.f. 02.06.2000 till the date of realisation. 2. By order, dated 20.03.2002, passed in Company Petition No.13 of 2002, the Official Liquidator attached to this Court was appointed as provisional liquidator of M/s.Mamatha Chit Fund (P) Ltd., (in provisional liquidation). The Official Liquidator took possession of the records of the company (in provisional liquidation). The first respondent joined in the chit group No.LP7F with ticket No.32 conducted by the Company (in provisional liquidation). The value of the chit is Rs.1,00,000/- with a duration of 50 months at the rate of Rs.2,000/- per month each. The 1st respondent became the successful bidder of the chit. The 1st respondent paid Rs.96,000/-. The balance to be paid by the 1st respondent is Rs.4,000/-. The respondents 2 to 4 stood as sureties to the first respondent for the said prized chit with Ticket No.32. A notice dated 29.04.2003 came to be issued by the Official Liquidator calling upon the 1st respondent to pay the amount due under the above referred chit. Though the respondents received the notice, they did not choose to give reply. Hence, this Company Application. 3. Notice to the respondents came to be ordered on 15.04.2011. The 1st respondent approached the Official Liquidator and paid the principle amount of Rs.4,000/- and submitted a representation seeking waiver of interest. The Official Liquidator placed on record his report along with the representation submitted by the 1st respondent. 4. Heard learned counsel appearing for the Official Liquidator and perused the material brought on record. 5. As seen from the material placed on record, the first respondent paid an amount of Rs.96,000/- against the chit value of Rs.1,00,000/-. It is stated by the first respondent in the representation submitted to the Official Liquidator that he has been facing lot of financial burdens due to education of his children and also due to his ill-health and he seeks waiver of interest. Since the entire principal amount has been paid, I deem it appropriate to waive the interest portion. 6. In view of payment of the entire principal amount, the Company Application is dismissed, as the debt is fully satisfied. No order as to costs. _____________________ B.SESHASAYANA REDDY, J Date:08th June, 2011. cs THE HON’BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.382 of 2011 Date :08th June, 2011