THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.691 of 2011 5th August, 2011 Between :- Raman Sampathy .. Applicant And M/s.Mamata Chit Fund Ltd., Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad and others .. Respondents THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.691 of 2011 ORDER:- This application has been filed by Mr.Raman Sampathy under Section 446 (2) of the Companies Act, 1956 read with Rules 9 and 11 (b) of the Company (Court) Rules, 1959, seeking waiver of interested granted on the principal sum of Rs.22,000/- in Company Application No.80 of 2006. The application is the 1st respondent in Company Application No.80 of 2006. The said application has been filed by the Official Liquidator representing M/s.Mamata Chit Fund (P) Ltd (in Prov.Liqn) seeking a Decree against the petitioner herein and two others namely Mohd.Mazher Ali Sayeed and G.Shiva Kumar. The applicant is the prized subscriber of the Chit Group bearing No.ST-13E. He paid 10 instalments and thereafter he committed default in paying the instalments. The Official Liquidator filed Company Application No.80 of 2006 seeking a Decree against the applicant herein and two others for a sum of Rs.22,000/- along with interest. The said application came to be ordered on 28-4-2006 granting a Decree for Rs.22,000/- with interest at 12% per annum from 20-1-1998 till the date of realization. This application has been filed seeking waiver of interest. The Official Liquidator placed on record his report. It is stated in the report of the Official Liquidator that he incurred an expenditure of Rs.5,150/- towards professional fee including expenses for filing Execution Proceedings. Heard learned Counsel appearing for the applicant and the Official Liquidator representing the Company (in Prov.Liqn). Learned Counsel appearing for the applicant submits that the applicant has limited source of income and he is not in a position to pay the interest @ 12% per annum. A further submission has been made that against the prized amount of Rs.35,000/-, he paid Rs.20,000/- and balance left over is Rs.22,000/-. Having considered the facts and circumstances, I am inclined to grant waiver of 3/4th of the interest on the principal sum of Rs.22,000/- from 20-1-2008 till 2-12-2010. As per the report filed by the Official Liquidator, the balance due towards interest by the applicant is Rs.33,842/-. If 3/4th of the amount is waived, the amount required to be paid by the applicant is Rs.8,460/-. Accordingly, the application is partly allowed granting waiver of interest to the extent of Rs.25382/-. The applicant has to deposit an amount of Rs.8,460/- within four weeks, failing which the waiver of interest granted under this order shall stand revoked. No costs. _________________________ B.Seshasayana Reddy, J 5th August, 2011 smr