THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY COMPANY APPLICATION No.637 of 2014 IN COMPANY PETITION No.28 of 2010 Dated: 04.06.2014 Between:
Smt. T. Laxmi Narsamma .. Applicant and M/s. Sree Pujitha Chit Fund (P) Ltd.
(in liquidation), Rep. by Official Liquidator, High Court of A.P., Hyderabad.
.. Respondent Counsel for the applicant: Mr. Bolla Venkata Papa Rao Counsel for the respondent: Mr. M. Anil Kumar The Court made the following:
ORDER:
This application is filed for waiving interest on the principal amount of Rs.32,500/-.
The Assistant Official Liquidator has filed his report, according to which the applicant who has lifted the chit is liable to pay interest from 05.01.1990 till 04.09.2013 at the rate of 12% per annum, which comes to Rs.92,350/-.
In her affidavit, the applicant has stated that she has paid a part of the subscription amount and that the balance amount could not be paid as the agent of the respondent company has not visited her for collection.
The explanation offered by the applicant for non-payment of the chit amount does not appear to be convincing. If the agent has not approached the applicant, she is under obligation to approach the management of the company in liquidation and offer payment. No such effort appears to have been made by the applicant towards this end. Therefore, this Court is not inclined to waive the interest in full. However, considering the age of the applicant and the fact that she is a housewife and her husband is stated to have retired from private service, I deem it appropriate to waive the interest in part. Accordingly, the applicant is directed to pay a sum of Rs.32,500/- (Rupees Thirty Two Thousand Five Hundred only), which is equivalent to principal amount, towards interest.
The application is accordingly partly allowed.
C.V. NAGARJUNA REDDY, J 4th June, 2014 IBL