9911796707
TMI Blog1998 (12) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... ecause the respondents learned counsel filed a memo before the Court setting out the details of the transactions and all the payments that have been made. The submission that was canvassed was that apart from the present proceedings, that the petitioners have also instituted criminal proceedings and that when the present winding up proceedings were filed, credit for an amount of Rs. 70,466 was no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... winding up as also the other proceedings that his clients had made the payments as set out in the tabulation filed with the Court and that they have paid an excess amount of Rs. 42,239, even if the respondents were to concede the interest claimed at the rate of 24 per cent per annum from the date of filing of the petition up to 11-12-1998, there is an unusual application made on behalf of the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f their dues. As far as this prayer is concerned, the same is allowed and the petitioners are permitted if the law justifies to institute appropriate recovery proceedings in the event of any amounts being outstanding to them. 4. On the question as to whether in the unusual facts and circumstances of this case, it would be permissible for this Court to direct the amount to be refunded. I need t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 1997 and it has reached finality to day and I see no ground on which any further time should be granted. Furthermore, in the facts and circumstances of this case, such a procedure is unnecessary because the respondents themselves have conceded the rate of interest at 24 per cent per annum which is much higher than what any Court would have approved of. Under these circumstances, even on a roug ..... X X X X Extracts X X X X X X X X Extracts X X X X
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