The Hon’ble Sri Justice C.V.Nagarjuna Reddy
Company Application Nos.379 of 2013 & 1170 of 2014
in Company Petition No.151 of 2009
Dated 23.09.2014
Compa.379/13
Between:
M/s.Turbo Bharath Ltd.
Rep. by its Official Liquidator High Court of Judicature at Hyderabad …Applicant And M/s.Naveen Dresses Main Road, Chityala, Nalgonda Dist. and 2 others …Respondents Counsel for the Applicant: Mr.M.Anil Kumar, Counsel for OL Counsel for respondent Nos.2 & 3: Mr.TVS.Kumar
Compa.1170/14
Between:
Smt.Vanam Lakshmi and another And ….Applicants M/s.Turbo Bharath Ltd (in liqn.) and another …Respondents Counsel for the Applicants: Mr.T.V.S.Kumar Counsel for respondent No.1: Mr.M.Anil Kumar, Counsel for OL Counsel for respondent No.2: --- The Court made the following:
Common Order:
Company Application No.379 of 2013 is filed for a direction to the respondents to pay to the applicant a sum of Rs.36,350/- along with interest @ 24% p.a., with effect from 25-02-2008 till the date of realization.
Company Application No.1170 of 2014 is filed by respondent Nos.2 and 3 in Company Application No.379 of 2013 for waiving interest on the principal amount of Rs.36,250/- and to grant the facility of payment of the principal amount in six installments.
For convenience, the parties are referred to as they are arrayed in Company Application No.379 of 2013.
Mr.T.V.S.Kumar, learned Counsel for respondent Nos.2 and 3, submitted that his clients are in a bad financial position and that considering the same, interest on the principal amount may be waived.
Having considered this submission, I deem it appropriate in the interests of justice to waive interest. Accordingly, interest on the principal amount of Rs.36,250/- is waived.
The learned Counsel for respondent Nos.2 and 3 also requested this Court to permit his clients to pay the principal amount in reasonable installments. To show the bona fides of his clients, the learned Counsel has taken out a demand draft bearing No.077132, dated 22-09- 2012, for a sum of Rs.10,000/-, drawn on ICICI Bank, Hyderabad.
Having regard to the fact that respondent Nos.2 and 3 have shown their bona fides by offering part payment, their Counsel is permitted to hand over the Demand Draft for the sum of Rs.10,000/- referred to above to the learned Counsel for the Official Liquidator. Respondent Nos.2 and 3 are also permitted to pay the balance principal amount in two equal monthly installments on 01-11-2014 and 01-12-2014.
Both the Company Applications are, accordingly, disposed of.
(C.V.Nagarjuna Reddy, J) Dt: 23rd September, 2014 LUR