9911796707
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Issues:
Claim for payment from respondent, objection on limitation period, special proceeding by official liquidator, calculation of limitation period, direction for payment in instalments, waiver of interest. Analysis: The judgment involves an application by the official liquidator against the respondent for a payment claim. The respondent, a member of a chit fund company in liquidation, admitted to chit transactions and subscriptions. The official liquidator presented various documents, including a pro forma plaint, debit voucher, payment slip, pronote, and consideration receipt. The respondent's main defense was the claim being time-barred. However, the court clarified that the claim petition by the official liquidator is a special proceeding, not a regular suit for recovery of money, governed by the residuary article 137 of the Limitation Act. The right to sue arises after the winding-up order, providing a four-year period, including the additional year under section 458A of the Companies Act, 1956. The court allowed the claim application based on the admission and legal principles. The respondent requested payment in convenient instalments and waiver of interest due to lack of knowledge. The court granted the installment request but rejected the interest waiver plea. The respondent was directed to pay the decretal amount in 12 equal installments, with the first installment due on a specified date and a single default clause. In case of default, the entire outstanding amount would be subject to execution and recovery. The court emphasized the respondent's obligation to pay interest, considering the use of the money over the years. In conclusion, the judgment resolved the claim application in favor of the official liquidator, addressing the limitation issue and granting a payment plan to the respondent. The court upheld the legal principles governing special proceedings by the official liquidator and the calculation of the limitation period under relevant statutes.
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