1990 (8) TMI 322

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... NT M.P. Chandrakantaraj Urs, J. - This is an application filed by the official liquidator claiming from respondent-Zahoor Hassan a sum of Rs. 13,756 together with current interest, pendente lite. Objections have been filed today, though it has not yet formed part of the records. In the copy with counsel for the respondent, it is admtted that the respondent was a member of the Union Chit Funds, a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 10,000; exhibit P-4, an on demand pronote executed for a sum of Rs. 8,600 only deducting the amounts he had subscribed ; exhibit P-5, the consideration receipt. It may be noticed that exhibits P-4 and P-5 are not dated. Exhibit P-6 is the report of the manager of the branch, i.e., the Union Chit Funds, submitted to the head office of the company in liquidation. In the light of the admission that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... argument is founded on the principle that the suit on a pronote or a suit for recovery of money is the mode adopted by the official liquidator. It is not really so as held by me in the case of Unico Trading and Chit Funds ( India) (P.) Ltd. (In Liquidation) v. S. H. Lohati [1982] 52 Comp Cas 340 (Kar.). The claim petition by the official Liquidator is a special proceeding by which the official liq .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... unds (India) (P.) Ltd v. S. H. Lohati [1982] 52 Comp Cas 340 (Kar.)). The right to sue accrues only after the winding up order is made. Therefore, he has three years' time plus one year under section 458A of the Act to sue the debtors. Therefore, the petition filed on 30th January, 1981, is well within that four-year period as the debt was alive on the date of presentation of the winding up petiti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... waiver of interest. He is bound to pay interest. He had the use of the money all these years and therefore he cannot make a grievance of not paying the interest. Therefore, that prayer must be rejected. In the result, the claim application is allowed as prayed for with a direction that the decretal amount as drawn up by this court shall be paid in 12 equal instalments, the first instalment fallin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X