9911796707
TMI Blog2012 (5) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... urrender the original Dhana Chakra deposit receipts to the Official Liquidator. A prayer is also made in the application to direct the first respondent to pay the damages to the Official Liquidator for unauthorisedly keeping the original Dhana Chakra deposit receipts of the company from the date of winding up i.e., 13.03.2002. M/s Lakshmi Vilas Bank with whom the amount had been deposited under the Dhana Chakra deposit scheme has been impleaded as the third respondent. 2. The respondents have filed their objection statement and denied the contention put forth in the application. During the pendency of the instant application, the first respondent has made over the original deposit receipts regarding which the first prayer is made in the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e contended that when the deposits were in the name of the second respondent, it was incumbent on the part of the second respondent to have secured renewal of deposit on the date of maturity or seek for payment of the matured amount. It is his further contention that even otherwise, the third respondent-bank has retained the amount with it after the date of maturity and therefore, in equity at least they should be directed to pay interest for having retained and utilised the amount for their business purposes. Hence, it is contended that in any event, either the first and second respondent jointly or the third respondent would be liable to compensate the company-in-liquidation for the loss suffered. Therefore, the memo filed subsequent to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e depositor is none other than the respondent No. 2 and the bank has issued receipts in favour of the second respondent and terms of the same would bind only respondents No. 2 and 3 as a matter of contract and there being nothing on record indicated that the deposits receipts have been issued in favour of the company-in-liquidation, the application itself is not maintainable as against them. However, being a conscious banker and in view of the request made by the second respondent who was the deposit certificate-holder, the amount has been returned and the maturity amount alone is to be returned as per the contract and therefore, there can be no further liability against the third respondent. Hence, it is contended that when the applicant h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been kept with the third respondent-bank by the company-in-liquidation. The deposit receipts were lodged with the second respondent as a compliance of the requirement for the purpose of issue of Money Lenders licence. In that circumstance, for the company-in-liquidation to carry on its business of money lending, licence should have been in force till the date of winding up. If that be the position, the company-in-liquidation was required to have the money lending licence in force till 13.03.2002, unless the company-in-liquidation had made any positive efforts to see that the company does not require the money lending licence as the activities had come to a standstill. 9. Be that as it may, in the instant case, as already noticed, the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ranting interest on the said amount subsequent to the date of maturity would not arise since it is a matter of contract between the depositor and the bank. 11. Insofar as the contention of the learned counsel for the applicant that in equity, the third respondent-bank should be directed to pay interest, in my view, in the instant application, no such case has been made out against the third respondent since the responsibility of the third respondent to discharge the receipt would arise only on presentation of the original receipt to the bank. In the instant case, the second respondent communicated to the third respondent bank with regard to payment of the amount due to the said respondent. The third respondent has immediately paid the prin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
