THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.348 of 2011 14th July, 2011 Between :- V.Venkata Rajendra Prasad and another .. Applicants And M/s.Visveswar Finance & Chit Funds (P) Ltd (in Liqn), Rep.by the Official Liquidator High Court of Andhra Pradesh. Hyderabad .. Respondent THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.348 of 2011 ORDER:- This application has been filed by the respondents No.2 and 4 in Company Application No.1007 of 2007 seeking waiver of interest part on the decretal amount of Rs.78,508/-. This Court by an order dated 15-11-2005 made in C.P.No.38 of 2005 directed the winding up of M/s.Visveswar Finance & Chit Funds (P) Ltd., and appointed the Official Liquidator attached to this Court as its Liquidator. The Official Liquidator verified the statements of affairs of the Company (in Liqn) and moved Company Application No.1007 of 2007 for recovery of Rs.78,508/- being the amount due under ticket No.07 of Group No.VCRM 9/6 valued at Rs.5,00,000/-. Smt. Kopparapu Vijaya Kumari is the prized subscriber to the said ticket and whereas Josala Seshagiri Rao, Deasi Bheemasena Rao, Vutukuri Venkata Rajendra Prasad and Kopparapu Venkata Siva Prasad are the sureties to Smt.Kopparapu Vijaya Kumari in respect of the above referred chit. The application filed by the Official Liquidator being Company Application No.1007 of 2007 came to be allowed granting decree against Smt.Kopparapu Vijaya Kumari and her sureties for a sum of Rs.78,508/- together with interest at 12% per annum. After the decree being passed, the applicants herein approached the Official Liquidator and paid an amount of Rs.78,508/- and moved this instant application seeking waiver of interest. It is stated in the affidavit filed in support of the application that Kopparapu Venkat Siva Prasad (Respondent No.5 in Company Application No.1007 of 2007) is the husband of Smt.Kopparapu Vijaya Kumari. Kopparapu Venkat Siva Prasad disappeared along with his family w.e.f. 28-4-2004. It is also stated in the affidavit that the application No.2 who stood as a guarantor in respect of some other chit was compelled to pay certain amounts in execution proceedings being E.P.No.80 of 2007 in O.S.No.4684 of 2004 on the file of the IX Junior Civil Judge, City Civil Court, Hyderabad. The Official Liquidator placed on record his report. The payment of amounts by the applicants after granting decree in Company Application No.1007 of 2007 have not been disputed by the Official Liquidator. The Official Liquidator stated in his report that an amount of Rs.4,835/- has been incurred towards publication charges. Having considered the facts and circumstances, the interest portion on the principal amount of Rs.78,508/- is waived subject to the applicants depositing Rs.10,000/- with the Office of the Official Liquidator within four weeks from today, failing which the concession given to the applicants shall stand recalled The application is accordingly allowed in part. _________________________ B.Seshasayana Reddy, J 14th July, 2011 smr